The Situation: The European Union ("EU") banking legislation has been substantially reviewed and provides notably for a new regime applicable to cross-border activities from non-EU jurisdictions....more
The consultation considers what a potential regulatory regime would look like, and its proposed scope. On 30 March 2023, HM Treasury published a consultation on regulating ESG ratings providers, which ties in with and...more
Oil price cap - The oil price cap has been co-ordinated by the G7 in order to make EU, UK and US services (including (re)insurance) available to third country importers and exporters as long as the price paid for...more
On 22 July 2020, HM Treasury published a policy statement setting out the UK government’s rationale and proposed approach for extending the transitional period for third country benchmarks under the UK Benchmarks Regulation...more
Financial services firms have spent a small fortune in planning for a post-Brexit world. Now that the UK has left the EU and we are in an implementation period due to end on 31 December 2020, this article looks at what forms...more
Firms outside of Europe should be aware of planned upcoming changes to how they access European markets. Key Points: ..The EU legislators have been reviewing various financial services regimes and developing reforms...more
What kinds of cloud computing transactions take place in your jurisdiction? As a G7 economy with mature IT and related services markets, the UK is one of the most important global markets for cloud computing. According to...more
On Tuesday 28 May 2019, the EMIR Refit Regulation (the "EMIR Refit") was published in the Official Journal. Relevant entities now have only 19 days to prepare for some of the key changes, ahead of the go live date of Monday...more
Since the referendum to leave the EU rocked the UK in 2016, commentators, privacy personnel, and corporate officers alike have been speculating as to how Brexit will affect Britain’s subjugation to the General Data Protection...more
Non-EU banking groups (“non-EU groups”) with large EU operations will be required to establish an EU intermediate parent undertaking (“IPU”) according to the final changes to the Capital Requirements Directive (“CRD 5”)...more
The European Securities and Markets Authority has published a statement on its approach to certain provisions of the Markets in Financial Instruments package and the Benchmarks Regulation in the event of a no-deal Brexit. The...more
Potential impediments to post-Brexit retransfers of nuclear material and items between the UK and EURATOM countries - There is currently no U.S. advance consent in place for retransfers of nuclear material and items from...more
The European Securities and Markets Authority has issued a public statement urging customers of credit rating agencies and trade repositories to prepare for a "no deal" Brexit. The European Market Infrastructure Regulation...more
HM Treasury has published explanatory guidance on a proposed U.K. regulation to onshore EU legislation on credit rating agencies in the event of a "no deal" scenario resulting from the EU-U.K. Brexit negotiations. If no deal...more
The Situation: The Legal High Committee for Financial Markets of Paris ("HCJP") recently published a synopsis of its three Brexit reports on contracts continuity. The Result: In the event of the United Kingdom crashing out...more
BROKER-DEALER - Statement on Status of the Consolidated Audit Trail By Janet M. Angstadt and Dina Wegh on August 31, 2018 Posted in Broker-Dealer On August 27, the Securities and Exchange Commission’s Division of...more
HM Treasury has published a technical notice entitled "Banking, insurance and other financial services if there's no Brexit deal," to provide guidance about the impact of the U.K. leaving the EU without a ratified withdrawal...more
Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more
The U.K. Financial Conduct Authority and Prudential Regulation Authority have published Policy Statements confirming the near-final and final rule changes they will apply to extend the application of the Senior Managers &...more
BROKER-DEALER - FINRA Encourages Firms To Disclose Activities Related to Digital Assets - On July 6, the Financial Industry Regulatory Authority published Regulatory Notice 18-20, which encourages member firms to...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...more
In this newsletter, we provide a snapshot of the principal Asian, US, European and selected international governance and securities law developments of interest to Asian corporates and financial institutions. ...more
Hogan Lovells has collaborated with TheCityUK and The City of London Corporation's co-sponsored International Regulatory Strategy Group (IRSG), to launch a new report looking at the options for Financial Institutions in the...more