FSCS levy calculations: FCA clarifies process for reporting income -
The FCA has published a new webpage for investment managers, clarifying the options for reporting income for Financial Services Compensation Scheme...more
Brexit: UK equivalence decisions for EEA states -
HM Treasury has announced its intention to make equivalence decisions in respect of the EEA across a number of financial services areas. ...more
11/16/2020
/ Coronavirus/COVID-19 ,
EU ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
FSB ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Task Force on Climate-related Financial Disclosures (TCFD) ,
Third-Party Relationships ,
UK ,
UK Brexit
COVID-19: FCA update on business interruption insurance test case -
On 11 November 2020, the UK Financial Conduct Authority (FCA) updated the webpage on its business interruption insurance test case. ...more
COVID-19: FCA updates statement on CBILS and BBLS -
On 10 November 2020, the UK Financial Conduct Authority (FCA) published an updated version of its statement on the regulation of firms in relation to the UK Coronavirus...more
11/16/2020
/ Bank Recovery and Resolution Directive (BRRD) ,
Capital Requirements Regulation (CRR) ,
Coronavirus Business Interruption Loan Scheme (CBILS) ,
Deposit Guarantee Schemes Directive (DGSD) ,
Financial Conduct Authority (FCA) ,
Financial Regulatory Reform ,
FSB ,
Global Systemically Important Banks (G-SIBs) ,
Popular ,
Regulatory Agenda ,
Single Resolution Mechanism Regulation (SRMR) ,
UK
PSD2: EBA proposes changes to Guidelines on major incident reporting after latest review -
Following the European Banking Authority's (EBA's) latest required review of its July 2017 Guidelines on major incident reporting...more
COVID-19: FCA draft further guidance to support mortgage borrowers -
On 2 November 2020, the UK Financial Conduct Authority (FCA) published draft further updated guidance and draft updated additional guidance for mortgage...more
Approach to assessing resolvability: BoE consultation -
The Bank of England (BoE) and the Prudential Regulation Authority (PRA) are consulting in parallel on a package of proposals relating to their policies for...more
11/10/2020
/ Bank of England ,
Bank Recovery and Resolution Directive (BRRD) ,
Basel Committee on Banking Supervision (BCBS) ,
Basel III ,
CRD IV Directive ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Libor ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Small and Medium-Sized Enterprises (SMEs)
ISDA 2020 IBOR Fallbacks Protocol -
The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol. Our separate client alert, ISDA 2020 IBOR Fallbacks Protocol: What...more
11/10/2020
/ CCPs ,
Coronavirus/COVID-19 ,
CSDR ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Markets ,
Infectious Diseases ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
MiFID ,
Securities Regulation ,
SFTR ,
UK ,
UK Brexit
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 to confirm that an appeal of the case...more
Debt Breathing Space Regulations: FCA CP20/21 -
The UK Financial Conduct Authority (FCA) has published a consultation paper, CP20/21, on changes to its Handbook resulting from the Debt Respite Scheme (Breathing Space...more
Implementation of CRD V: PRA CP17/20 -
The UK Prudential Regulation Authority (PRA) has published a consultation paper, CP17/20, setting out proposed changes to its rules, supervisory statements (SS) and statements of...more
10/26/2020
/ Capital Requirements Regulation (CRR) ,
CRD V ,
European Banking Authority (EBA) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Laundering ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
UK
COVID-19: FCA proposes additional guidance for insurance and premium finance firms on customers in financial difficulty -
The FCA has published draft additional guidance for insurance and premium finance firms, setting...more
10/26/2020
/ Coronavirus/COVID-19 ,
ESRB ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSB ,
HM Treasury ,
Infectious Diseases ,
Libor ,
UK ,
Whistleblowers
BoE and CFTC MoU for supervision of cross-border clearing organisations -
The Bank of England (BoE) and the US Commodity Futures Trading Commission (CFTC) have signed an updated memorandum of understanding (MoU) regarding...more
10/26/2020
/ Bank of England ,
Central Counterparties ,
CFTC ,
EMIR ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Libor ,
RTS ,
Securities Regulation ,
UK ,
UK Brexit
Brexit: PRA and FCA Dear CEO letter on final preparations for end of transition period -
The UK Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) have published a joint Dear CEO letter that they...more
Brexit: HM Treasury update on financial services Brexit statutory instruments
HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal)...more
10/20/2020
/ Big Tech ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FSB ,
Infectious Diseases ,
Office of Financial Sanctions Implementation (OFSI) ,
Prudential Regulation Authority (PRA) ,
RegTech ,
Regulatory Agenda ,
Securitization ,
Stablecoins ,
UK ,
UK Brexit
ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment -
Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and...more
COVID-19: FCA speech on mortgages and positive consumer outcomes -
On 8 October 2020, the UK Financial Conduct Authority (FCA) published a speech given by Jonathan Davidson, FCA Executive Director of Supervision - Retail...more
Climate-related disclosures for asset managers and FCA-regulated pension schemes: FCA correspondence -
Correspondence about climate-related disclosure requirements for asset managers and UK Financial Conduct Authority...more
MiFIR: FCA statement on trade reporting and position limit obligations -
The UK Financial Conduct Authority (FCA) has published a statement on trade reporting and position limit obligations under the Markets in Financial...more
COVID-19: FCA updates webpage on BI insurance test case -
The UK Financial Conduct Authority (FCA) has updated its webpage on its business interruption (BI) insurance test case, publishing a draft transcript of the...more
10/13/2020
/ Business Interruption ,
Commercial General Liability Policies ,
Coronavirus/COVID-19 ,
EIOPA ,
Financial Conduct Authority (FCA) ,
Infectious Diseases ,
Insurance Claims ,
Insurance Regulations ,
ORSA ,
Policy Terms ,
Solvency II ,
Travel Insurance ,
UK
Brexit: HM Treasury responds to questions on post-Brexit future relationship in financial services -
The House of Lords EU Services Sub-Committee has published a letter it has received from John Glen, Economic Secretary...more
10/13/2020
/ Coronavirus/COVID-19 ,
Credit Cards ,
Debit Cards ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Policy Committee ,
Financial Services Industry ,
Infectious Diseases ,
Investment Products ,
Refunds ,
UK ,
UK Brexit
Brexit: FCA reopens temporary permissions regime notification window -
The UK Financial Conduct Authority (FCA) has updated its webpage on the temporary permissions regime (TPR) explaining that EEA firms and fund managers...more
10/6/2020
/ Bank of England ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Transitional Arrangements ,
TTP ,
UK ,
UK Brexit
COVID-19: additional FCA finalised guidance on consumer credit and overdrafts -
Following a short consultation, on 30 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance setting out...more
COVID-19: HM Treasury letter on insurance companies' deductions of government grants from BI insurance claims -
On 25 September 2020, HM Treasury published a letter from John Glen, Economic Secretary to HM Treasury, to Huw...more
10/6/2020
/ Business Interruption ,
Coronavirus/COVID-19 ,
Dear CEO Letter ,
EIOPA ,
Financial Conduct Authority (FCA) ,
HM Treasury ,
Infectious Diseases ,
Insurance Claims ,
Prudential Regulation Authority (PRA) ,
Solvency II ,
UK
Brexit: ESMA to recognise three UK CCPS from 1 January 2021 -
The European Securities and Markets Authority (ESMA) has announced that three central counterparties (CCPs) established in the UK will be recognized as...more
10/6/2020
/ EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Inter-Bank Offered Rates (IBORs) ,
ISDA ,
Libor ,
MiFID ,
MiFIR ,
REMIT ,
RTS ,
Sterling Overnight Index Average (SONIA) ,
UK ,
UK Brexit