COVID-19: Supreme Court judgment in FCA's BI insurance test case - On 15 January 2021, the Supreme Court handed down judgment in FCA v Arch Insurance (UK) Ltd and others [2021] UKSC 1 on the issues on appeal from the High...more
Debt firms: FCA portfolio letter - The UK Financial Conduct Authority (FCA) has published a portfolio letter it has sent to debt purchasers, debt collectors and debt administrators (collectively debt firms) setting out the...more
Financial Services Bill 2019-21 - Having completed its progress through the House of Commons, on 14 January 2021, the Financial Services Bill 2019-21 had its first reading in the House of Lords. A revised version of the Bill,...more
Debt Respite Scheme (Breathing Space): Insolvency Service guidance - The Insolvency Service (IS) has published guidance for creditors and money advisors about the debt respite scheme (Breathing Space), which comes into effect...more
UK-EU trade and cooperation agreement After extensive negotiations, and within a week of the Brexit transition period ending on 31 - December 2020, the UK and the EU finally announced on 24 December 2020 that they had agreed...more
1/18/2021
/ Cloud Computing ,
Coronavirus/COVID-19 ,
Cryptoassets ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Gibraltar ,
Infectious Diseases ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
SMCR ,
UK ,
UK Brexit
UK SSR: Short Selling (Notification Thresholds) Regulations 2021 - The Short Selling (Notification Thresholds) Regulations 2021 (SI 2021/5) have been published, together with an explanatory memorandum....more
1/18/2021
/ Coronavirus/COVID-19 ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
MiFIR ,
Regulation Technical Standards (RTS) ,
Regulatory Agenda ,
Securities Regulation ,
Short Selling ,
UK
Solvency II: PRA CP1/21 on deep, liquid and transparent assessments, and GBP transition to SONIA - The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP1/21, on deep, liquid and transparent (DLT)...more
1/18/2021
/ Coronavirus/COVID-19 ,
Cyber Insurance ,
EIOPA ,
Financial Conduct Authority (FCA) ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Regulatory Agenda ,
Solvency II ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
TMPR: FCA update on adding new sub-fund to umbrella scheme - The UK Financial Conduct Authority (FCA) has updated its webpage on adding a new sub-fund to an umbrella scheme in the temporary marketing permissions regime (TMPR)...more
Sanctions and Anti-Money Laundering Act 2018 (Commencement No 2) Regulations 2020 - The Sanctions and Anti-Money Laundering Act 2018 (Commencement No 2) Regulations 2020 (SI 2020/1535) were made on 14 December 2020. ...more
UK SRR code of practice -
HM Treasury has published a revised version of the Banking Act 2009 special resolution regime (SRR) code of practice which applies to the use of the SRR after the end of Brexit transition period....more
12/21/2020
/ Basel III ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
Infectious Diseases ,
Non-Performing Loans (NPL) ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
UK implementation of CRD V: PRA PS26/20 - The Prudential Regulation Authority (PRA) has published a policy statement, PS26/20, on the implementation of the Capital Requirements Directive V (CRD V)....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
12/15/2020
/ AML/CFT ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Islamic-Compliant ,
MLD4 ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Terrorist Financing Regulations ,
UK ,
UK Brexit ,
Withdrawal Agreement
Post-Brexit transition period: migrating to FCA FIRDS and FITRS -
The UK Financial Conduct Authority (FCA) has published a press release announcing details of the cutover plan for firms migrating to the FCA Financial...more
12/14/2020
/ Capital Markets ,
CSDR ,
EMIR ,
Financial Conduct Authority (FCA) ,
Financial Counterparties (FC) ,
Financial Instruments ,
Foreign Exchanges ,
FSB ,
Trade Repositories ,
UK ,
UK Brexit
Mainstream consumer credit lenders: FCA Dear Board of Directors letter on supervisory strategy -
The UK Financial Conduct Authority (FCA) has published a Dear Board of Directors letter sent to firms in the FCA's...more
UK Future Regulatory Framework Review: consultation deadline extended -
HM Treasury has extended the deadline for responding to its Phase II consultation relating to the Future Regulatory Framework Review by one month to...more
Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 -
The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (SI 2020/1350) have been published, together with an explanatory memorandum....more
12/7/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Capital Requirements Regulation (CRR) ,
Coronavirus/COVID-19 ,
CRD V ,
European Banking Authority (EBA) ,
European Central Bank ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Holding Companies ,
Infectious Diseases ,
Moratorium ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Sharia Law ,
UK ,
UK Brexit
TMPR: FCA webpage on adding new sub-fund to umbrella scheme -
The UK Financial Conduct Authority (FCA) has published a new webpage on adding a new sub-fund to an umbrella scheme that will be in the temporary marketing...more
Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 -
The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (SI...more
12/7/2020
/ EMIR ,
EU ,
European Benchmark Regulation (BMR) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
FSB ,
MiFIR ,
Over The Counter Derivatives (OTC) ,
Regulatory Agenda ,
Securities Transactions ,
Securitization ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit
Draft Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 -
A draft version of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2020 has been...more
11/30/2020
/ Bank of England ,
Coronavirus/COVID-19 ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
FSCS ,
G20 ,
Green Finance ,
Infectious Diseases ,
Libor ,
UK
Recent regulatory developments of interest to insurers and their intermediaries. Among other things, includes UK FCA updates on preparing for the end of the UK-EU transition period.
...more
11/30/2020
/ Consumer Insurance Products ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Life Insurance ,
Lloyds of London ,
Solvency II ,
UK ,
UK Brexit
Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Supervisory Authorities and IOSCO, among others. Recent regulatory developments of interest to...more
11/30/2020
/ ACER ,
EMIR ,
EU ,
EURIBOR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Regulatory Agenda ,
REMIT ,
RTS ,
Securitization ,
SFTR ,
UK ,
UK Brexit
Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 -
The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 (SI 2020/1274) have been published, together with an explanatory...more
11/23/2020
/ CRR II ,
Dear CEO Letter ,
Economic Sanctions ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
FSCS ,
Gibraltar ,
National Competent Authorities (NCA) ,
Ombudsman ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Serious Fraud Office (SFO) ,
UK
UK BMR: FCA approach to orderly wind down of LIBOR and consultation on Statements of Policy -
The UK Financial Conduct Authority has published a document on the Benchmarks Regulation (UK BMR) and proposed amendments under...more
COVID-19: FCA update on business interruption insurance test case -
The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption insurance test case. Among other things, the FCA has...more
Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020 -
The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England...more
11/23/2020
/ Coronavirus/COVID-19 ,
Debt ,
Debt Collection ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Mental Health ,
Moratorium ,
Mortgages ,
Regulatory Agenda ,
Relief Measures ,
UK