Future of UK financial services: Treasury Committee inquiry written evidence - The House of Commons Treasury Committee has published written evidence to the committee's inquiry into the future of financial services in the...more
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 - The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (SI 2020/991) have been published, together with an...more
Recent regulatory developments of interest to all financial institutions. Includes COVID-19 and Brexit-related updates, amendments to the list of high-risk third countries in MLD4, and more....more
On April 15, the UK Treasury released proposed steps, entitled a “consultation,” to adopt the EU’s Fifth Money Laundering Directive (“5AMLD”) into national law, while also seeking comments and evidence from stakeholders to...more
PUBLICATIONS - Brexit and the creation of UK sectoral sanctions targets - The UK currently is set to leave the European Union on 29 March. In the context of international sanctions, most commentary has focussed on the...more
BREXIT - Updated draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 published On 12 February, HMT published an updated draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit)...more
Allen & Overy publish weekly updates on key regulatory topics affecting the financial services sector. BREXIT - Please see the product sections for updates on the various draft SIs published in the last two weeks in...more
HM Treasury has published a draft of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, along with explanatory information. The draft Regulations will primarily be relevant for...more
EU /BREXIT DEVELOPMENTS - EEA Passport Rights Regulations 2018 Published - On November 7, the European Economic Area (EEA) Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018...more
The Fifth Anti-Money Laundering Directive (MLD5) entered into force in July 2018. MLD5 updates the legal framework under the Fourth Anti-Money Laundering Directive (MLD4) and must be implemented by the EU member states by...more
BREXIT - No-deal Brexit: banking, insurance and other financial services technical notice - On 23 August, the UK government published guidance on the effect on banking, insurance and other financial services if the UK...more
BREXIT - Please see the ‘Other Developments’ section for an update on the minutes of the meeting between the Governor of the BoE and the Chancellor of the Exchequer on the June Financial Stability Report....more
BREXIT - UK Government response to HoL EU Committee report on Brexit and future of financial regulation and supervision - On 9 May, the UK Government published its response to the HoL EU Sub-Committee on Financial...more
BREXIT - EC publishes notices on consequences of Brexit on banking and finance sectors - On 8 February, the EC published a new webpage containing a number of notices setting out the consequences of Brexit on banking and...more
1 January - The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation (1286/2014) (the "PRIIPs Regulation") came into force on 1 January 2018. This includes an obligation on PRIIP manufacturers to...more
BREXIT - HoL EU Financial Affairs sub-committee publishes transcript of BoE oral evidence on financial supervision - On 17 January, the HoL EU Financial Affairs Sub-Committee published the transcript of the oral...more
The UK’s beneficial ownership disclosure rules for persons with significant control (PSCs) over certain UK entities, introduced in April 2016, have been extended as part of the UK’s implementation of the EU’s Fourth Anti...more
Europe at a glance - Across Europe, law makers are steadily expanding the circumstances in which companies can be found liable (whether criminally or otherwise) for the criminal conduct of their employees and other...more
Corporate governance – 4MLD and changes to the PSC regime - Companies House recently published its business plan for 2017-18, its strategic plan for 2017-2020 and a press release with details of additional anti-money...more
On January 2, the United Kingdom House of Commons Scrutiny Committee published its 28th Session 2013-2014 report. In particular, the report considers the European Commission’s proposed MLD4 Directive on money laundering and...more
On November 24, the Council of the European Union published a note (dated November 8, 2013) from the Council Presidency to Council Delegations which includes a UK issues paper on the fourth Money Laundering Directive (MLD4)....more