The week in outline: Verena Ross of ESMA has emphasised that Brexit requires ESMA to strengthen the Capital Market Union and reform third country treatment. This begs the question whether the EU is toughening its third country regime in financial services as a negotiation strategy and a failsafe against a ...
This week in outline: There has been speculation as to how the UK proposals for financial services might evolve in the light of continued opposition from the EU. This has rekindled the debate about the UK as a ‘rule-taker’. A speech from the ECB has explained the central bankers’ perspective ...
This week in outline: HMG publications provided no more information about their proposals for financial services (see below). The Power Point used by the UK negotiating team avoided any specifics about FS. The extent of HMG’s vision in this sector remains unclear. Meanwhile, UK parliamentary scrutiny continues to be critical ...
This week in outline: Both the ECB and EIOPA published hard-line warnings about the need for preparations for a ‘no deal’ scenario; they put the onus on firms and emphasised that they could not yet rely on a transition period (or other transitionary arrangements) after 29/3/19. EIOPA highlights 14 areas ...
This was a quiet week for Brexit news in the financial services sector. Her Majesty’s Government has yet to publish any detailed information about the proposals that it has announced for EU/UK financial services after the UK leaves the single market. Detailed analysis of the impact of Brexit (by UK ...
Where we stand: The draft Withdrawal Agreement provides for a transition period from 29/03/19 to 31/12/20 during which the EU single market legislation, and its dual regulation coordination (DRC)/mutual recognition, would continue to apply to the UK. The UK has proposed (see Philip Hammond's speech of 7 March) that after ...
During this week, Andrew Bailey made a speech in support of the UK government’s financial services “mutual recognition” proposals (see the Chancellor’s speech of 7 March 2018) but these ideas were firmly rejected in speeches from the EU side. The EU position is that the future relationship will be based on the EU’s equivalence regime for third countries and not on bespoke mutual recognition arrangements....
BoE: Speech by Alex Brazier: Five years of macro prudential: regulating the Square Mile for all 94,000 square miles Text of this speech, given on 19 April 2018, follows. Topics include: post-crisis regulation; Brexit issues (including concerns over uncleared OTC derivative contracts) and the “unbundling” of bank services. Click here ...
ESAs: Joint Committee Risk Report The Joint Committee of the European Supervisory Authorities has published its Spring 2018 Report on risks and vulnerabilities in the EU financial system. The report warns against key risks for EU financial markets, Brexit, asset repricing and cyber-attacks. Click here to access report. On Brexit, ...
We are pleased to issue our updated Guide to Passporting (UCITS): rules on marketing Undertakings for Collective Investment in Transferable Securities in Europe.
The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.
The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here.