The Standard Formula Podcast | Solvency II Back to Basics: Third Country Branches and Cross-Border Provision of Services
Antitrust and Competition - European Commission Launches Evaluation of the Geo-Blocking Regulation - On 11 February 2025, the European Commission launched a call for evidence to seek stakeholders’ views on the Geo-Blocking...more
A draft version of the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 has been published, alongside a draft explanatory memorandum. The...more
I. Background and Scope - On 7 February 2024, the European Union adopted a final text amending the AIFMD and UCITS directives (AIFMD II). This memo considers what are entirely novel requirements attaching to liquidity...more
The European Commission has revised rules to permanently lower the net short position reporting threshold from 0.2 per cent to 0.1 per cent under the EU Short Selling Regulation (“EU SSR”). The net short position notification...more
The focus on environmental, social and governance (ESG) issues grew considerably in 2020, in part due to significant regulatory developments. Takeaways - Financial services businesses and other UK companies will still...more
FCA and PRA on passporting in and out of Gibraltar after the transition period - On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4...more
Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 - On 3 December, the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 were published, together with an explanatory memorandum. The...more
In March 2021, a new European Union regime on sustainability-related disclosures in the financial sector will come into force. The Sustainable Finance Disclosure Regulation 2019/2088 (“SFDR”) contains rules regarding...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
Equivalence decisions for EEA states, green finance and fintech initiatives are at the forefront of the UK government’s priorities. On 9 November 2020, the UK Chancellor of the Exchequer, Rishi Sunak, delivered a statement...more
Draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 - HM Treasury has published draft Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020, together with a draft...more
HM Treasury has published the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, providing U.K. government ministers with a temporary power to make...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
BREXIT - FCA steps up efforts to ensure that firms are ready for a no-deal Brexit - On 11 September, the FCA issued a press release providing additional information for firms on preparations for a no-deal Brexit. To...more
In early August 2019, the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (the "CSSF"), confirmed in a press release that it had opened an online portal to allow UK firms currently using a financial...more
BREXIT - EEA Joint Committee Decisions - On 18 July, four Decisions of the EEA Joint Committee made on 29 March and five Decisions made on 11 April that amend Annex IX (Financial Services) to the EEA Agreement were...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
HM Treasury has laid before Parliament a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019. The draft Regulations make amendments to certain elements of the EU exit legislation...more
CONSUMER/RETAIL - FCA call for input on RDR and FAMR review - On 1 May, the FCA published a call for input on its plans to evaluate the Retail Distribution Review (RDR) and Financial Advice Markets Review (FAMR). The...more
BREXIT - On 11 April, the European Council Decision (EU) 2019/584, taken in agreement with the UK to extend the period under Article 50(3) TEU, was published in OJ. The European Council agreed to a further extension to...more
BREXIT - On 7 February, ordinance no. 2019-75 relating to the preparatory measures in connection with the United-Kingdom’s withdrawal from the European Union in respect of financial services (the Ordinance) was published. ...more
The financial services industry is often referred to as the jewel in the crown of the UK, but as the possibility of a “no-deal” draws ever closer, what measures are being put in place to ensure that the financial services...more
A draft version of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 has been laid before Parliament, alongside a draft explanatory memorandum....more
BREXIT- Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 made On 28 February, the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 were...more
The UK is due to leave the European Union on March 29, 2019 (“Brexit”). Within the EEA, “passport rights” permit financial services institutions and funds authorised in any EEA Member State to conduct business cross border...more