UK Short Selling Regulation: notification threshold -
HM Treasury has announced that it intends to lay a statutory instrument under the retained EU law version of the Short Selling Regulation (UK SSR) amending the initial...more
12/21/2020
/ Coronavirus/COVID-19 ,
Cryptocurrency ,
Derivatives ,
European Securities and Markets Authority (ESMA) ,
Financial Markets ,
Infectious Diseases ,
MiFID ,
MiFIR ,
Regulatory Agenda ,
Securities Regulation ,
Short Selling ,
UK
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
Financial Institutions Horizons is a snapshot of key legal topics and market trends across the globe, shaping the future of the financial institutions market.
When we conceived the Horizons series in 2018, the financial...more
12/16/2020
/ Biden Administration ,
China ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Financial Institutions ,
FinTech ,
Infectious Diseases ,
Investigations ,
Libor ,
Sustainable Business Practices ,
UK Brexit
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
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
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
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
Performance fees in UCITS and certain types of AIFs: ESMA guidelines -
The European Securities and Markets Authority (ESMA) has published the official translations for guidelines on performance fees in UCITS and certain...more
COVID-19: Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus) (Amendment) Regulations 2020 -
On 11 November 2020, the Consumer Credit (Enforcement, Default and Termination Notices) (Coronavirus)...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
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
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
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
Building guarantee policies: PRA PS21/20 on extending policyholder protection -
The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection...more
10/20/2020
/ Consumer Insurance Products ,
Coronavirus/COVID-19 ,
EIOPA ,
IAIS ,
Infectious Diseases ,
Insurance Regulations ,
Lloyds of London ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Solvency II ,
UK
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
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
COVID-19: PRA letter to credit unions and direction modifying minimum provisioning requirements -
On 7 October 2020, the UK Prudential Regulation Authority (PRA) published a letter to directors of credit unions on...more
10/13/2020
/ Banks ,
Capital Requirements ,
Coronavirus/COVID-19 ,
CRD IV Directive ,
Credit Unions ,
EU ,
European Banking Authority (EBA) ,
Infectious Diseases ,
Prudential Regulation Authority (PRA) ,
Regulatory Agenda ,
Regulatory Requirements ,
Systemic Risk Buffer ,
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