The U.K. Payment Systems Regulator has announced a phase-out of the Phase 1 technical environment that enables certain U.K. payment services providers to provide confirmation of payee services. The PSR's Specific Direction...more
An EU Commission Implementing Decision extending the equivalence of U.K. CCPs to June 2025 has been published in the Official Journal of the European Union. The equivalence decision applies to U.K. CCPs already established...more
The U.K. Financial Conduct Authority has appointed Richard Lloyd OBE as its interim Chair of the FCA. He will assume the position on June 1, 2022 and will continue until a permanent successor for former Chair Charles Randell...more
HM Treasury has released a further consultation under the Future Regulatory Framework Review concerning the regulation of central counterparties and central securities depositories. The Future Regulatory Framework Review is...more
2/17/2022
/ Bank of England ,
Banking Sector ,
CCPs ,
Client Services Director (CSD) ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Markets ,
HM Treasury ,
Investment Adviser ,
Prudential Regulation Authority (PRA) ,
UK ,
UK Brexit
Striking a balance between investor protection and market development -
The U.K. is assessing its financial promotion framework, and changes are being made or proposed to amend the laws and rules. Financial promotions are...more
2/11/2022
/ Banking Sector ,
Banks ,
Cryptoassets ,
Financial Adviser ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
HM Treasury ,
Investors ,
Sustainable Finance ,
UK
The European Securities and Markets Authority has issued a public statement on the supervisory approach to the implementation of the buy-in regime under the EU Central Securities Depositories Regulation. The EU CSDR provides...more
Following its July 2020 consultation, HM Treasury has published a consultation response on its proposals to amend the U.K.'s financial promotion rules. These include changes to subject unregulated crypto-assets to the...more
HM Treasury has announced that Gwyneth Nurse has been appointed...more
The U.K. Prudential Regulation Authority has published a feedback statement to the discussion paper published earlier this year in which it proposed introducing a "strong and simple" prudential framework for non-systemic...more
Following its call for evidence earlier this year, HM Treasury has published its report on the review of the U.K. Securitization Regulation. HM Treasury was required to conduct a review of the functioning of the Regulation...more
The European Banking Authority has published final draft Implementing Technical Standards on Pillar 3 prudential disclosures of environmental, social and governance risks under the EU Capital Requirements Regulation. The ITS...more
The U.K. Financial Conduct Authority has published a feedback statement relating to the call for input on accessing and using wholesale data. In the feedback statement, the FCA summarizes the responses received and the FCA's...more
The U.K. Financial Conduct Authority's new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark...more
The U.K. Financial Conduct Authority has published a policy statement setting out its new approach to issuing statutory notices, which will take effect from November 26, 2021. The FCA publishes statutory notices when...more
The Law Commission has concluded that the existing law of England and Wales can accommodate smart contracts and there is no need for legislative reform. It has published advice to the U.K. Government and a separate summary of...more
The Bank of England has written to the CEOs of all regulated U.K. financial market infrastructures notifying them that they are no longer expected to discuss prospective shareholder distributions with the BoE....more
The U.K. Financial Conduct Authority has published an environmental, social and governance strategy to support the financial sector in the transition to a "net zero", more sustainable and more inclusive economy....more
The U.K. Financial Conduct Authority has published a discussion paper on its proposed Sustainability Disclosure Requirements and sustainable investment labels. The FCA is seeking initial views on these proposals with the...more
The International Organization of Securities Commissions has published an updated Principles on Outsourcing for regulated market participants in the securities markets. The updated Principles are based on IOSCO’s 2005...more
Financial institutions operating across multiple jurisdictions face a myriad of regulatory challenges, including those arising from differences between regulators in: (a) the substance of their laws, regulations and...more
The FCA has published a series of measures and regulatory guidance on how financial services firms should deal with the coronavirus (COVID-19) pandemic. In our previous client notes, “Planning in a Time of Pandemic:...more
4/1/2020
/ Banking Sector ,
Consultation ,
Coronavirus/COVID-19 ,
EU ,
European Commission ,
Financial Institutions ,
Financial Planning ,
Financial Services Industry ,
Payment Systems ,
Relief Measures ,
Short Sales ,
telephone-recording ,
UK ,
UK Payment Systems Regulator
The Bank of England (BOE) has announced a series of policy measures designed to help U.K. financial market participants deal with the effects of the coronavirus (COVID-19) pandemic. The latest measures, announced on 20 March...more
The economic and operational stresses caused by the Novel Coronavirus (COVID-19) are highlighting the need for regulated financial institutions to formulate responses to address significant business disruptions (SBDs) and to...more
Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern...more
10/18/2019
/ Bilateral Agreements ,
EU ,
European Court of Justice (ECJ) ,
Exports ,
Financial Institutions ,
Financial Services Industry ,
New Regulations ,
Northern Ireland ,
UK ,
UK Brexit ,
Value-Added Tax (VAT) ,
Withdrawal Agreement
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
11/5/2018
/ Banking Sector ,
BSA/AML ,
Competition ,
Corporate Governance ,
EU ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Prudential Regulation Authority (PRA) ,
Prudential Standards ,
Recovery Plans ,
Securities ,
UK ,
UK Brexit