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  • Switzerland and United Kingdom sign Direct Insurance Agreement as the UK prepares to leave the EU

    The Swiss Confederation (Switzerland) and the United Kingdom (UK) on 24 January 2019 signed the Agreement between the United Kingdom and the Swiss Confederation on direct insurance other than life assurance (UK-Swiss Direct Insurance Agreement). The new UK-Swiss Direct Insurance Agreement replicates the terms of the existing agreement between Switzer-land ...
  • Brexit update for financial services firms - week ending 18 January 2019

    In outline: During a week of high politics in Westminster (outside the scope of these updates), the House of Commons (“HoC”) Scrutiny Committee (“SC”) published their 50th report (see Document 1 below). This looked at various EU legislative proposals in financial services (FS) – prudential requirements for investment firms (a ...
  • Brexit update for financial services firms - following Parliamentary vote on the Withdrawal Agreement

    As expected, the British Government failed to secure support for the Withdrawal Agreement (WA) (which is linked to the Political Declaration on the future framework (PD)) in the delayed ‘meaningful vote’ in the House of Commons. The scale of the government’s defeat has left a volatile political situation with considerable ...
  • Brexit update for financial services firms - week ending 11 January 2019

    In outline: There was further progress on the ‘no deal’ regime in financial services (FS). FCA announced (see Document 4 below) the opening of the window for notifications to FCA for incoming EEA firms and funds to take advantage of the temporary permissions regime (TPR) (see our previous update commentary ...
  • The ESA publishes report on innovation facilitators

    On 7 January 2019, the European Supervisory Authority (“ESA”) (consisting of the European Securities and Markets Authority, the European Banking Authority and the European Insurance and Occupational Pension Authority) published a joint report on “innovation facilitators” that have been established across the European Union (“EU”). The report provides: a comparative ...
  • HMRC publishes guidance on taxation of cryptoasset holders

    On 19 December 2018, HM Revenue & Customs (“HMRC”) published guidance on how individuals possessing cryptoassets may be taxed (the “Guidance”). In particular, the Guidance covers: what crypoassets are; which taxes apply to individuals holding cyrptoassets; the taxation of cryptoassets received as earnings; and record keeping requirements. HMRC has yet ...
  • Crypto-assets under review: ESMA and EBA publish their reports on crypto-assets

    Yesterday the European Securities and Markets Authority (“ESMA”) and the European Banking Authority (“EBA”) each released a report on crypto-assets. ESMA’s report sets out ESMA’s advice to EU policymakers on initial coin offerings and crypto assets. EBA’s report outlines its findings and advice in response to the EU Commission’s request ...
  • Brexit update for financial services firms - 21 December 2018 to 4 January 2019

    In outline: During the two holiday weeks covered by this update, the flow of Brexit publications relevant to financial services (FS) continued – more than 17 documents are listed below. Publications from the House of Commons/Lords cover topics such as the EEA, the UK Government’s no deal preparations, the stability ...
  • Germany: BaFin provides Guidance on the German Money Laundering Act

    On 11 December 2018, the German Federal Financial Supervisory Authority (BaFin) has published its Guidance on the construction and application of the German Money Laundering Act (“GwG”) (“Auslegungs- und Anwendungshinweise zum Geldwäschegesetz”). By doing so, BaFin fulfils its duties to provide such guidance according to sect. 51 GwG. Background of ...
  • The FCA agenda on high cost credit and rent to own: an update

    The FCA’s appetite for change in the high-cost credit market shows little sign of abating with its latest set of proposals. With reports earlier this year that over three million consumers are utilising high cost credit, the FCA acknowledges that the task of regulating consumer credit is one of the ...