The regulators suggest improvements to the supervision of firms passporting retail products and services in the EU. The French and Dutch financial services regulators (the AFM and the AMF) have published a joint position...more
The Trade and Cooperation Agreement (TCA) does not provide a comprehensive free trade arrangement for financial services between the EU and the UK. In particular, the TCA contains no measures to offset the loss of the EU-wide...more
Current rules fall short of providing a clear framework for a single European market for fintech companies. The development of a single market for fintech has recently been placed at the center of the EU financial...more
With Parliament prorogued and the Government suggesting it may ignore legislation obliging it to request a further Brexit extension from Brussels, it remains a possibility that the UK may leave the EU on 31 October 2019...more
The Financial Conduct Authority (FCA) has confirmed that the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019....more
It is yet unclear if and when the House of Commons will again decide about the Withdrawal Agreement and whether the date for the UK leaving the EU will be changed. Under the current circumstances, a hard Brexit on 29 March...more
The first signs of spring remind us that EU Exit day is fast approaching but a deal between the EU and the UK is proving elusive. If passporting rights are lost what impact will that have on existing and new corporate loans...more
In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more
The House of Commons recently rejected the Withdrawal Agreement. While the UK Parliament is still debating how to leave the EU, a hard Brexit remains an option. To prepare for this possibility, the UK, EU Commission and EU27...more
On January 24, 2019 the Italian Ministry of Economy and Finance ("MEF") published a press release announcing that the Italian government has readied a set of measures necessary to ensure full continuity for financial markets...more
HM Treasury published guidance on 8 January 2019 for financial services institutions in a no-deal Brexit situation, updating HM Treasury’s 23 August 2018 technical notice on the financial services regulatory framework in the...more
London is considered the European capital for fintech, and the third global tech start-up ecosystem, behind only Silicon Valley and New York. In the past two and a half years, fintech companies have brought more than $5...more
To ensure the financial system continues to work effectively if there is a "hard Brexit" HM Treasury has been finalising a series of statutory instruments which will ensure there is a workable legal framework for retail...more
The U.K. Financial Conduct Authority has issued a Direction detailing how an EEA firm currently passporting into the U.K. should notify it of the firm's intention to benefit from the Temporary Permissions Regime in the event...more
The Prudential Regulation Authority has issued a Direction setting out how an EEA firm currently passporting into the U.K. should notify the PRA if the firm wants to benefit from the Temporary Permissions Regime in the event...more
It seems axiomatic that immediately prior to the UK’s exit from the EU on 29 March 2019, the UK's domestic laws (in England and Wales, Scotland and Northern Ireland) will be aligned with EU law....more
This is the second issue of WilmerHale’s 8-in-8 Recent Trends in European Law and Policy Alert Series. Our attorneys will share insights on current and emerging issues affecting companies doing business in Europe and across...more
BROKER-DEALER - SEC Proposes Transaction Fee Pilot Program On March 14, the Securities and Exchange Commission proposed new Rule 610T of Regulation National Market System (Reg NMS), which would create a Transaction Fee...more
Commission Implementing Regulation (EU) 2017/2382 has been published in the Official Journal of the European Union and will take effect on January 3, 2018. ...more
The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No. 2) Regulations 2017 have been published, and will take effect mainly from January 3, 2018. Some technical provisions will come into force a...more
BROKER-DEALER - FINRA Requests Further Comments on the Effectiveness and Efficiency of Its Payments for Market Making Rule - On November 28, as part a retrospective rule review, the Financial Industry Regulatory...more
A Delegated Regulation has been published in the Official Journal of the European Union setting out Regulatory Technical Standards for the cooperation and exchange of information between EU national regulators that are the...more
In this newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and...more
Various industry bodies and regulators, including the Bank of England and Bafin, have recently raised fears that there will be a cliff edge on Brexit for certain types of financial contract, most notably derivatives and...more
SEC/CORPORATE - SEC-Proposed Amendments to Modernize, Simplify and Increase the Accessibility of Required Disclosure - As previously reported in the October 13, 2017 edition of Corporate & Financial Weekly Digest, on...more