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  • UK/EU financial services after Brexit – cross-border regulation after the UK’s exit from the single market

    On 25 February, the Council of the EU published the final version of its negotiating mandate and, two days later, the UK government set out its approach to our future relationship with the EU. Negotiations will start next week. The two documents suggest some potential departure from the text of ...
  • EBA's new mandate to lead AML/CFT supervision efforts across the entire EU financial sector

    Following the entry into force of Regulation (EU) 2019/2175 of the European Parliament and of the Council on 1st January 2020 (the "Regulation"), the European Banking Authority ("EBA") is from now on entrusted with all anti-money laundering and counter terrorist financing ("AML/CTF") mandates previously held by the three European supervisory ...
  • Insurance 2020: Climate change

    Biggest market correction The sheer magnitude of economic change to be brought about by climate change law and policy at times is difficult to conceptualise. For the insurance sector this change has major financial implications in terms of both investment and claims. The world’s economies (all sectors and sub-sectors) effectively ...
  • Insurance Cloud Outsourcing: EIOPA publishes new guidelines

    EIOPA has published the final text of its Guidelines on outsourcing to cloud service providers (the “Guidelines”), following last year’s consultation. The Guidelines provide guidance to insurers on how the outsourcing provisions in the Solvency II Directive and Delegated Regulation should be applied in the case of outsourcing to cloud ...
  • Insurance 2020: Non-financial misconduct - speaking out and whistleblowing

    The regulatory spotlight is firmly affixed on non-financial misconduct; an area previously seen as the domain of HR teams is now seen as a key indicator of firm culture and is increasingly taking its place in boardroom discussions. Diversity and inclusion is a core part of how the PRA and ...
  • The regulatory FinTech Sandbox - a global review

    A regulatory FinTech Sandbox (“Sandbox”) provides a framework for businesses within the financial technology (“FinTech”) industry to test and create innovative and dynamic products, technologies and business models around the globe. In this article, originally published in Compliance and Risk Journal (Volume 9, Issue 1), Sam Robinson, Susann Altkemper and ...
  • UK/EU financial services after Brexit - how will this impact UK firms?

    Overview Single market mutual recognition (such as passporting) will cease to apply as between the UK and the EU/EEA at the end of the current transitional period. In this article, we look at the opening salvos in the negotiation of the new EU/UK relationship and consider how this will impact ...
  • Insurance 2020: The Customer Lens

    Protecting consumers is one of the FCA’s statutory objectives and protection of insurance customers has always been a key priority for the FCA. However, there is a palpable sense that there will be an even greater shift towards this in 2020 - heralded in part by the promise of a ...
  • ESMA proposal for the postponement of the entry into force of CSDR settlement discipline measures

    On 4 February, ESMA published its final report (the “ESMA’s Report”) with new draft regulatory technical standards on the postponement of the date of entry into force of Commission Delegated Regulation on settlement discipline (the “Settlement Discipline RTS”)[1]. The Settlement Discipline RTS sets out the measures that central securities depositories ...
  • Germany: BaFin provides Guidance on the German Anti-Money Laundering Act with special focus on insurance companies

    In December 2018, the German Federal Financial Supervisory Authority (“BaFin”) published its general Guidance on the construction and application of the German Anti-Money Laundering Act ("GwG"). This Guidance was addressed to all persons and companies who are subject to GwG. On 31 January 2020, BaFin published further Guidance with special ...