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  • Brexit update for financial services firms - week ending 23rd November 2018

    The week in outline: This week saw continuing political debate in the UK, while the EU and the UK Government (HMG) published a longer version of the draft Political Declaration of the Framework for the Future Relationship between the EU and the UK (PD) (see Document 1 below). HMG also ...
  • Brexit update for financial services firms - week ending 16th November 2018

    The week in outline: The week was dominated by the completion of the negotiations (as between the UK Government (HMG) and the European Commission teams) of the draft Withdrawal Agreement (WA) (see Document 1 below) and the subsequent political drama at Westminster. For financial services (FS) firms, there were no ...
  • Belgium to create new regulatory framework for MGAs

    The Belgian regulator has published a draft law amending the law of 4 April 2014 on insurances, which will create a new regulatory framework for managing general agents (“MGAs”) in Belgium (“Proposal”). A legal framework for MGAs already existed in the United Kingdom and the Netherlands but not in Belgium. ...
  • Brexit update for financial services firms - week ending 9th November 2018

    The week in outline: In the financial services (FS) sector, the flow of publications on ‘no deal’ preparations continues apace (see Documents 1 to 5 below and most of the additional publications in section 2). The EU is taking a very different approach to that of the UK. EU policy ...
  • Brexit update for financial services firms - week ending 2 November 2018

    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 ...
  • Cryptoassets Taskforce publishes report on cryptoassets and distributed ledger technology

    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 ...
  • Brexit update for financial services firms - week ending 26 October 2018

    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 ...
  • ESMA’s SMSG publishes report on ICOs and crypto assets

    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

    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 ...
  • CMS - Focusing on Funds - AIFMD pre-marketing proposals

    This Focusing on Funds update looks at the hot topic of funds marketing and proposals for a pre-marketing regime for alternative investment funds. This is an area we are often asked to advise on as various forms of “soft marketing” activity trigger regulatory filing requirements in some but not all ...