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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On 15 October 2019, the Financial Conduct Authority (“FCA”) published consultation paper CP19/29: Recovery of costs of supervising cryptoasset businesses under the proposed anti-money laundering regulations: fee proposals (“CP19/29”).
Following the publication in March this year of the findings from its review of the motor finance sector, the FCA has today opened a consultation on plans to:
implement a ban on discretionary commission arrangements in the motor finance sector; and
update the commission disclosure requirements in the Consumer Credit Sourcebook (“CONC”), part of the FCA handbook, for all providers of consumer...
Writing on the weekend of 11/12th October and as the Hallowe’en deadline approaches, it seems to get more, rather than less, difficult to predict the Brexit flightpath and the ultimate destination. Of the multitude of possibilities, virtually none, if any, can now be ruled out. The UK may or may not leave the EU. If it leaves, it may do so under an Article 50 Withdrawal Agreement (WA)...
EBA says progress has been slow and more needs to be done by banks to be operationally resilient and resolution ready.
As part of its review into high-cost credit, the FCA has published new rules designed to simplify and improve transparency of overdraft pricing. The rules, coming into force on 6 April 2020, require firms to publish a range of overdraft pricing details – with a view to increasing consumers’ awareness of firms’ overdraft charging structures. Firms will be under an obligation to publicise, on a quarterly...
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* Estimated date
*31 October 2019
Exit date is:
- 31 October 2019 if the UK holds European Elections, but UK Parliament has not ratified the WA before that date; or
- The 1st day of the month after ratification if UK Parliament ratifies the WA before October 2019.
1 December 2019
End of four-year transitional period for RTS on risk-mitigation techniques for OTC derivatives contracts not cleared by a CCP under EMIR.
31 December 2019
Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.