Brexit Next: Legal Implications
The impact of Brexit - click here for the latest news on the impact in the financial services sector and here for a broader view for all businesses operating in, and trading with, the UK
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The week in outline: UK contingency planning for a non-deal scenario continued this week with more material on ‘Nationalising the Acquis’ (NtA) under the European Union (Withdrawal) Act 2018 (EUWA). HMT published 5 new NtA statutory instruments (see Documents 2 to 5 below). We commented on the NtA SIs dealing ...
On 29 October 2018, the Cryptoassets Taskforce (consisting of HM Treasury, the FCA and the Bank of England) issued its final report setting out the UK’s policy and regulatory approach to crypto assets and distributed ledger technology (“DLT”). The report: assesses the benefits and risks of cryptoassets and DLT; describes ...
The week in outline: This week saw the publication of another mass of financial services (FS) related material as part of the UK’s preparations in case the UK exits the EU without the Withdrawal Agreement (WA) and the proposed Transitional Period (TP) (‘no-deal’).(i.e. The no-deal regime, which would take effect ...
On 19 October 2018, ESMA’s Securities and Markets Stakeholder Group (“SMSG”) published an own initiative report, giving advice to ESMA on potential measures it can take to contain the risks of crypto assets and initial offerings of crypto assets (“ICOs”), on top of existing regulation. SMSG acknowledges that crypto assets ...
Authorised Push Payment Scams – A new approach With UK Finance reporting a £92.9 million loss to consumers in the first half of 2018 as a result of Authorised Push Payment (APP) scams, the APP Scams Steering Group (the Steering Group) have published a draft voluntary code (the code). APP ...
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* Estimated date
10 December 2018
Date on which UK's Senior Manager and Certification Regime applies to insurers.
Implementing technical standards (ITS) on supervisory reporting of institutions with regard to prudent valuation under the Capital Requirements Regulation will apply.
ESAs to issue new guidelines on virtual currency exchange platforms, and amend other guidelines in the light of MLD5.