SWISS- EU RELATIONS: SWITZERLAND LOSES STOCKMARKET EQUIVALENCE
The EU failed to renew its trading venue equivalence decision for Switzerland under MiFID/MiFIR. The previous short term decision expired at the end of June. The Swiss Federal Department of Finance (FDF) responded with measures announced in their press release here. The Financial Times reported on market reaction in its article of 30...
PRA:PS5/19 THE BANK OF ENGLAND'S AMENDMENTS TO FINANCIAL SERVICES LEGISLATION UNDER THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
An updated version of this PS has been published. The updated version can be found here.
On 02 July 2019 IVASS (the Institute for the Supervision of Insurance) issued a letter addressed to UK Insurers pursuing business in Italy, asking to submit a plan on the measures adopted in case of hard Brexit (the “Letter”).
On 26 June 2019, the Council for the European Union published a compromise proposal in relation to the European Commission’s draft framework to regulate crowdfunding platforms in the EU (the "Crowdfunding Regulation"). The proposed regulation is part of the Council’s efforts to improve access by investors and businesses to new financing sources. The compromise proposal published follows the European...
On 12 June 2019 the PRA published a new ‘Dear CEO’ letter summarising the regulator’s findings from a review of 20 non-systemic deposit taking firms that it has undertaken over the past year. The firms reviewed are mostly growing faster than the market as a whole, so the PRA refers ...
1. FCA/AFM: JOINT AGREEMENT FCA and the Dutch Authority for the Financial Markets (AFM) met on 3 June 2019 and have signed a joint agreement of cooperation (the text of which has not been published). FCA notes that, in addition to building cooperation and information sharing post-Brexit, the agreement also ...
On 4th June 2019 the Financial Conduct Authority (the “FCA”) published final rules for peer-to-peer (or P2P) lending platforms. The new rules are the result of the FCA’s consultation that launched in July 2018, with the FCA stating that the new rules are designed to help better protect investors and ...
The importance the financial regulators place on effective oversight and management of outsourcing arrangements has been highlighted by both the PRA and the FCA in the fines they have imposed totalling £1,887,252 on R.Raphael & Sons plc (the “Bank”) for failing to manage its outsourcing arrangements properly. Effective management of ...
1. PRA: Speech by Sam Woods: Stylish regulation Text of this speech, given on 16 May 2019 follows, in which Sam Woods considers the UK system of regulation post-Brexit, including comparing the UK and EU approaches to regulation. He sets out six principles for an effective regulation framework and suggests ...