In an article originally published in the Compliance and Risk Journal, Sam Robinson, Susann Altkemper and Yasmin Johal explain ten important issues relating to the Central Securities Depositories Regulation. ("CSDR").
1. FCA: Response to key comments from the independent panels' annual reports for 2018-19
FCA has published its response to key comments from the annual reports of FSCP, FCA PP, FCA SBPP and FCA MPP. Specific areas covered include: Brexit; FCA’s priorities; operational and cyber resilience; crypto assets; Mortgage Markets Study; duty of care; fair pricing; consumer credit; Retirement Outcomes...
Today the FCA introduced temporary rules banning the marketing of speculative mini-bonds to retail investors. The rules will apply from 1 January 2020 for a period of 12 months, expiring on 31 December 2020.
On 18 November 2019, the Investment Association released its Responsible Investment Framework Final Report the “Report”).
The Report follows the IA’s consultation at the beginning of this year, which sought industry views on:
a proposed framework to categorise and define common Responsible Investment approaches (the “Framework”);
a UK retail product label for funds which use Responsible...
Brexit: Doing Insurance business in France post exit day
On 31 October 2019 EIOPA published Member State responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. ACPR, the French regulator has indicated that it does not intend to comply with these recommendations. For full details see our RegZone report here.
As derivative counterparties begin to look ahead to the implementation of Phase 5 and 6 of the EMIR initial margin rules in September 2020 and 2021 (respectively), there are a number of exemptions in relation to transactions entered into with an undertaking within the same “group” that may be relevant. Such exemptions remove the requirement to exchange initial margin amongst counterparties in the same...
This week put Brexit preparations on the back-burner as the Article 50 exit date was put back and the ratification of the revised Withdrawal Agreement (“WA”) by the UK Parliament was abandoned in favour of a general election. We will therefore be pausing our weekly email commentary until the New Year.
The Article 50 extension (see Document 5 below) delays the UK's exit until 11.00 pm GMT on 31st...
FCA interim report – general insurance pricing practices market study
Earlier this month the FCA published the interim report (MS18/1.2) of its Market Study on General Insurance Pricing Practices, considering concerns relating to pricing practices in the home and motor insurance markets (see our previous article on the report for further details
This week saw the publication, and start of the UK’s legislative process for, the long-awaited bill to ratify and implement the EU/UK Withdrawal Agreement (“WA”). The revised WA was published on 19th October (for our commentary and links to publications about the revised WA package – see below. The WA is very largely unchanged from the version negotiated by Mrs. May except for the Protocol...
The FCA has opened its application process for firms wishing to join cohort 6 of its regulatory sandbox (“Sandbox”). The FCA will be accepting applications from now until 31 December 2019.