The UK’s new Investment Firm Prudential Regime (the IFPR) for MiFID investment firms and Collective Portfolio Management investment firms (together MiFID Firms) took effect from 1 January 2022, and this includes new...more
Almost a year after the Brexit transition period ended and the UK government is beginning to refine its thinking on how the financial services framework should evolve in a post-Brexit world in order to ensure it is fit for...more
The PRA has published updates to its policy and a revised supervisory statement on ensuring operational continuity in resolution (PS 9/21 and SS4/21) following its consultation paper in October 2020 (CP 20/20). This bulletin...more
Certain UK incorporated holding companies of banks and investments firms will, for the first time, be required to obtain PRA authorisation in 2021. The required applications for authorisation are detailed and will require...more
Following months of protracted negotiations and coming four and a half years after the UK voted to leave the EU, 24 December 2020 saw the EU and UK finally agree the shape of their future relationship. While the Trade and...more
The UK government has announced a number of measures designed to respond to the economic shock arising from Covid-19 coronavirus – these include providing businesses of all sizes with access to a £330 billion package of...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the priority for both the UK and the EU27 in relation to Brexit was the approval, ratification and implementation of the deal agreed at...more
Following the Conservative Party’s victory in the UK’s general election in December 2019, the immediate priority for both the UK and the EU27 in relation to Brexit is now the approval, ratification and implementation of the...more
On 29 October 2019, politicians once again kicked the possibility of a cliff edge Brexit into the grass but with UK politics still deeply divided and a general election on the horizon, it is unlikely that clarity on the...more
On 11 April 2019, politicians kicked the possibility of a cliff edge Brexit into the (relatively) long grass but with UK politics still deeply divided, a leadership contest for the next prime minister underway and the Irish...more
On 25 November 2015, the Prudential Regulation Authority (PRA) published a ‘waiver by consent’ in relation to the contractual recognition of bail-in requirements. To the extent that it would be impracticable for firms to...more
The UK Prudential Regulation Authority (PRA) has published a consultation paper on operational continuity for larger retail and investment banks. It follows on from a 2014 discussion paper on the topic and sets out proposals...more