Podcast: ESMA Report: Undue Pressure on Companies
The briefing contains a mapping exercise and analysis of the approach taken by the European Supervisory Authorities and the U.K.’s Financial Conduct Authority to address risks or concerns relating to such greenwashing. The...more
On 1 June 2023, the three European Supervisory Authorities (the “ESAs”) published their respective progress reports (ESMA, EBA and EIOPA) in response to a request for their input from the European Commission (the...more
The Financial Conduct Authority (“FCA”) published a statement reminding firms about potential financial crime risks linked to Afghanistan. Commission Delegated Regulation (EU) 2021/1415 supplementing the Securitisation...more
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more
3 February - The European Banking Authority (“EBA”) published a report on the benchmarking of diversity practices in credit institutions and investment firms under the CRD IV Directive (2013/36/EC)....more
CAPITAL MARKETS - Please see Conduct for an update on the IOSCO report on conflicts of interests and risks during the debt capital raising process - FCA publish Primary Market Bulletin - On 17 December 2019, the FCA...more
BREXIT - Please see the Consumer/Retail section for an update on the FCA’s Quarterly Consultation Paper, which discusses Brexit-related changes to the Handbook & new EU binding technical standards (BTS) following the...more
CONDUCT - GXFC announce priorities for updating the FX Global Code - On 4 December, the Global Foreign Exchange Committee (GFXC) announced its areas of focus for updating the FX Global Code. The GFXC discussed the feedback...more
BREXIT - EC outlines plans for sustainable finance and proposes extension to the temporary equivalence regime for UK CCPs post-Brexit - On 15 November, the EC published a speech by Mr Dombrovskis, European Commissioner...more
BREXIT - FCA’s instructions on use of its Financial Instruments Transparency System - On 10 October, the FCA published instructions on its Financial Instruments Transparency System (FITRS). The system has been built to...more
1 July - The Financial Conduct Authority ("FCA") published a policy statement (PS19/19) setting out the final 2019/20 regulatory fees and levies. The European Insurance and Occupational Pensions Authority ("EIOPA")...more
BREXIT - Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 laid before Parliament On 25 July, the draft Over the...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
FOS consultation on future funding - On 2 July, the Financial Ombudsman Service (FOS) published a consultation paper on the future of its funding. The FOS proposes to: (i) rebalance the proportion of the income received...more
1 June - HM Treasury published a consultation paper (dated May 2019) on the regulation of pre-paid funeral plans. HM Treasury intends to bring all funeral plan providers within the remit of the FCA....more
FINANCIAL MARKETS - IOSCO Consults on Regulating Crypto-Asset Trading Platforms - On May 28, the International Organization of Securities Commissions (IOSCO) published a consultation paper on regulating crypto-asset...more
PUBLICATIONS - Up to Speed: No variation clauses now worth the paper they're written on A&O’s new “Up to Speed” article focuses on variation clauses. Variation clauses are often referred to as no oral modification or NOM...more
1 May - The Financial Conduct Authority ("FCA") published a call for input on its evaluation of the Retail Distribution Review and Financial Advice Markets Review. The Prudential Regulation Authority ("PRA") published...more
BREXIT - Counter-Terrorism International sanctions guidance published On 3 May, the Secretary of State for Foreign and Commonwealth Affairs published statutory guidance, as required by section 43 of the Sanctions and...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 - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more
BREXIT - Final EBA Outsourcing Guidelines: Impact on firms’ Brexit contingency plans - The EBA has published final guidelines on outsourcing (the EBA Guidelines), which will replace the guidelines issued by its predecessor,...more
BREXIT - European Economic Area member states' domestic preparations for a “no deal” Brexit A&O has been tracking legislative developments in preparation for a no-deal Brexit throughout the EU27 member states. On our...more