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Showing 131 - 140 of 1043 matches filtered by 'Banking and finance'

  • Brexit - ESMA puts in place no-deal memorandums of understanding with the Bank of England to recognise UK CCPS

    21/02/2019
    Last week, the European Securities and Markets Authority (“ESMA”) concluded Memorandums of Understanding (“MoUs”) with the Bank of England (“BoE”) on the recognition of central counterparties (“CCPs”) and the central security depository (“CSD”) established in the United Kingdom in the event of a no-deal Brexit. The disorderly close-out of positions ...
  • Brexit update for financial services firms - week ending 8 February 2019

    15/02/2019
    In outline: With the Withdrawal Agreement stand-off unresolved, the evolution of the regulatory regime for a no-deal scenario (the ND regime) continued. The flow of publications, however, has now slowed. Two further Memoranda of Understandings (MoUs) for the ND regime were concluded this week – these are between ESMA and ...
  • Removing head of legal from the senior managers regime and other changes: new FCA consultation paper CP 19/4

    13/02/2019
    The Financial Conduct Authority (“FCA”) recently released Consultation Paper CP19/4 setting out new measures set to “optimise” the Senior Managers and Certification Regime (“SMCR”). SMCR was introduced for banking firms in March 2016 and has since been introduced to the insurance sector in December 2018 and will be extended to ...
  • Brexit update for financial services firms - week ending 1 February 2019

    11/02/2019
    With the three-way stand-off between Westminster, HMG and the EU still unresolved at the start of February, announcements and publications in the financial services (FS) sector naturally focused on the no-deal regulatory regime (the ND regime). Absent a change in the Article 50 notice/period or the/a Withdrawal Agreement (WA) coming ...
  • THE FCA PUBLISHES CONSULTATION ON CRYPTOASSETS AND THE REGULATORY PERIMETER

    04/02/2019
    The FCA has helpfully clarified the current regulatory perimeter and how it applies to cryptoassets…but is an extension to the perimeter on the horizon? On 23 January 2019, the Financial Conduct Authority (“FCA”) published a consultation paper (CP19/3) providing new guidance and additional clarity on cryptoassets and the circumstances under ...
  • The Asset Management Market Study: The FCA release Policy Statement on final remedies

    04/02/2019
    On 4 February 2019, the FCA issued Policy Statement (PS19/4 – Asset Management Market Study – Further Remedies), setting out their final set of rules and remedies under the long-standing Asset Management Market Study. PS19/4 is the last paper covering this major change for the asset management industry, following most ...
  • Brexit update for financial services firms - week ending 25 January 2019

    31/01/2019
    In outline: As the Westminster stand-off continued last week, with the clock running down towards 29th March, there was a slight pause in the flow of Brexit material in the financial services (FS) sector. The Treasury Select Committee (TSC) published a letter from HMG (from the week before) about the ...
  • Brexit update for financial services firms - week ending 18 January 2019

    24/01/2019
    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

    16/01/2019
    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

    15/01/2019
    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 ...