FCA: Temporary transitional powers
Further to the directions made on 28 March 2019, FCA has updated and published draft directions and updated its explanatory note providing guidance on the use of the TTP.
1. EIOPA highlight risks of a no-deal Brexit
The Joint Committee of the European Supervisory Authorities published its latest report on Risks and Vulnerabilities in the EU Financial System. The report highlights uncertainties surround the UK's exit from the EU. It states ‘Although there seems to be a “Brexit fatigue” in the financial sector, supervisors continue to encourage institutions to prepare...
1. BoE:The impact of Brexit on UK firms
This BoE staff working paper assesses the impact of Brexit on UK firms with regard to levels of uncertainty, investment and productivity.
HoC: Brexit and financial services
HoC has updated its Library briefing paper which considers equivalence and the potential impact of no-deal Brexit on the sector.
EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES
The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....
1. HMT: LAUNCH FINANCIAL SERVICES FUTURE REGULATORY FRAMEWORK REVIEW
HM Treasury has launched the first phase of the Financial Services Future Regulatory Framework review. This phase will look at how coordination between the regulatory authorities could be improved. Future phases will look at what adaptation is needed as the UK leaves the EU. The review is seeking submissions in relation to the...
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”).
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 ...