Changes to the PRA’s large exposure framework

The Prudential Regulation Authority (PRA) has published a Policy Statement 14/18 (PS14/18): Changes to the PRA’s large exposures framework, which provides feedback to responses to Consultation Paper 20/17 (CP20/17) “Changes to the PRA’s large exposures framework”. PS14/18 is relevant to PRA-authorised financial holding companies and mixed financial holding companies, as well as credit institutions, investment […]

Read more

UK Government issues Brexit papers and guidance on ‘no deal’ planning

The UK Government has released an overview paper and over 20 sector specific guidance notices on how businesses and individuals should prepare for a `no deal’ Brexit. The overview paper The overview paper includes the measures which deal with a `no deal` scenario. Additionally, it also includes the guidance notices which “set out information to […]

Read more

EU and third country relationships concerning financial services supervision and regulation

The European Committee on Economic and Monetary Affairs have released a report regarding the future of the relationship between EU and third countries with regards to financial services supervision and regulation The report suggests that:  Through the EU’s relationship with third countries on financial services regulation and supervision, the EU should enhance tax cooperation with […]

Read more

Draft Central Counterparties (EU Exit Amendment) Regulation 2018

A Draft version of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 and an explanatory memorandum have been published in the UK Government Legislation portal. The purpose of the Regulations is to ensure that the regulatory regime for central counterparties (CCPs) established by EMIR functions effectively post Brexit, following its implementation […]

Read more

FCA Dear CEO letter: Cross-Border Booking Arrangements

The Financial Conduct Authority (FCA) has released a “Dear CEO” letter which highlights that the duties it gained from the implementation of EU Directives and Regulations. Such as the Markets in Financial Instruments Directive (MiFID) II and the Market Abuse Regulation (MAR), will continue, in order to ensure the integrity of the UK’s financial markets […]

Read more

FCA releases Policy Statement 18/18 on Industry Codes of Conduct

The Financial Conduct Authority (FCA) has published Policy Statement 18/18 (PS18/18) regarding a summary of the industry codes of conduct and feedback on FCA Principle 5. This PS summarises the feedback received on Consultation Paper 17/37 (CP17/37) on Industry Codes of Conduct and Discussion Paper on FCA Principle 5 for businesses. The FCA outlines its […]

Read more

FCA Policy Statement on the EU MMF Regulation

The Financial Conduct Authority (FCA) has published a Policy Statement 18/17 (PS18/17): The European Money Market Funds (EU MMF) Regulation. It sets out final rules and its responses to the feedback it received to Consultation Paper 18/17. The EU MMF regulation came into force in every EU member state on 21st July 2017, and took […]

Read more

ESMA on submission of authorisation applications

ESMA Reminds UK based Regulated Firms About Timely Submissions of Authorisation Applications The European Securities and Market Authority (ESMA) issued a public statement regarding the possibility to raise market participation awareness on the importance to prepare for the possibility of a no agreement scenario in the context of the UK withdrawing from the European Union […]

Read more

FCA Releases Near Final Rules on SMCR Extension to all FSMA authorised firm

Firms regulated by the FCA now have access to their Near Final Rules on the extension of the Senior Managers and Certification Regime (SMCR) to all FSMA authorised firms. The FCA is proposing to implement these rules, as they were consulted upon, with minor amendments. See below, some key highlights, FCA clarification and guidance:  Test […]

Read more

Further Amendments to JMLSG Guidance

Following consultation, The Joint Money Laundering Steering Group (JMLSG) has published revised versions of two of the sectors in Part II of its Guidance, on the prevention of money laundering and the financing of terrorism for the UK financial services industry. The revised sectors are ’12: Asset finance’ and ’17: Syndicated lending’.   Further information: […]

Read more

FCA re public register

FCA statement on proposals to introduce a public register The Financial Conduct Authority (FCA) has updated its website referring to feedback on the value of maintaining a central public record of certification employees and other important individuals in FCA regulated firms who would no longer appear on the Register (this includes non-executive directors, financial advisers, […]

Read more

PRA Dear CEO Letter on exposure to crypto-assets

The PRA has published a letter addressing CEOs of banks, insurance companies and designated investment firms to remind them of their obligations under PRA rules, and to communicate the PRA’s expectations concerning firms’ exposure to crypto-assets. The PRA reminds firms of their responsibilities under the PRA’s Fundamental Rules 3, 5 and 7 to: (i) act […]

Read more