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...
RegZone reporting on Brexit for financial services firms
Until May of this year, RegZone published a weekly email update with Brexit news and commentary. Over the summer we have produced a fortnightly Brexit news report which was on the RegZone website (but not sent out by email). You can access the previous reports here. As promised, we are now reverting to a weekly commentary distributed by emai...
Three years have passed since the banking sector implemented the Senior Managers & Certification Regime (SMCR) and two years since the regulatory references regime came into force. From 9 December 2019, solo regulated firms will also become subject to these rules. Can any lessons can be learned from the banking sector’s bedding in period?
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....
On 31 July 2019, the UK’s Financial Conduct Authority (the “FCA”) released policy statement PS19/22 : Guidance on Cryptoassets setting out the FCA’s final guidance on cryptoassets and their treatment within the FCA’s regulatory remit (the “Guidance”). The Guidance follows the consultation paper CP19/3 (see our previous article from February 2019) released in January and the Cryptoassets Taskforce’s...
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.
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 ...