HM Treasury has published a draft of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, alongside an explanatory information note. The statutory instrument (SI) address deficiencies regulation that arise from the UK leaving the EU. The draft regulations specifically address deficiencies in the 2017 Money Laundering, Terrorist Financing and Transfer […]

The House of Commons’ Exiting the EU Select Committee released a letter dated 18 September 2018, which was sent by the European Parliament’s Brexit co-ordinator, Guy Verhofstadt MEP. The letter is in response to a question he received whilst appearing before the Committee on 20 June 2018 and concerns the impact of Brexit on existing […]

The European Union’s new rules aimed at strengthening its financial crime regime have been published in the Official Journal of the EU. Dubbed the Sixth Anti Money Laundering Directive, the new proposed Directive complements and reinforces the Fourth Anti-Money Laundering Directive (EU) (2015/849) (and its amendments introduced by the Fifth Anti-Money Laundering Directive, adopted in […]

The Cryptoassets Taskforce (which comprises the FCA, HM Treasury and the Bank of England), published its final report on the UK’s policy and regulatory approach to cryptoassets. The Report provides an overview of cryptoassets and the underlying technology therein, assesses the associated risks and potential benefits of cryptoassets, and sets out the path forward with […]

HM Treasury has published a draft of The Over the Counter Derivatives, Central Counterparties (CCPs) and Trade Repositories (TRs) (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (the draft Regulations) together with an explanatory memorandum. This is part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the […]

The European Securities and Markets Authority (ESMA) has released its Securities and Markets Stakeholder Group (SMSG) own initiative report on initial coin offerings (ICOs) and crypto-assets. The Stakeholders produced this report to advice ESMA on steps it can take to contain the risks of ICO’s and crypto assets, on top of existing regulation. Also, the […]

The Financial Stability Board (FSB) has published Crypto-asset markets: Potential channels for future financial stability implications. This report sets out the analysis behind the FSB’s proactive assessment of the potential implications of crypto-assets for financial stability. The report follows up on the initial assessment set out in the FSB Chair’s March 2018 letter to G20 […]

The Financial Conduct Authority (FCA) has released Policy Statement 18/21: SME access to the Financial Ombudsman Service – near-final rules. This document outlines FCA’s response to the feedback it received following its earlier consultation which set out proposals to allow a wider range of complainants to complain to the ombudsman service. The FCA proposed to […]

The Financial Conduct Authority (FCA) and the Financial Ombudsman Service jointly issued the Consultation Paper 18/31: Increasing the award limit for the Financial Ombudsman Service (CP18/31). This consultation outlines the proposals to increase the award limit for the Financial Ombudsman Service’s (‘the ombudsman service’) Compulsory Jurisdiction (CJ). The FCA notes the proposals will make sure […]

The Financial Conduct Authority (FCA) has published a guidance consultation relating to the senior managers’ and certification regime (SM&CR). The guidance consultation concerns statements of responsibilities and responsibilities maps for FCA firms. The guidance sets out the purpose of statement of responsibilities and responsibilities maps, provides some questions for firms to ask themselves and outlines […]

The HM Treasury has published two draft statutory instruments, which will make amendments to retained EU law related to investment funds and their managers, to be laid under the European Union (Withdrawal) Act 2018. The Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018 The draft Regulations set out the design and structure of a […]

HM Treasury has released its proposal for a temporary transitional power to be exercised by UK regulators to provide continuity to regulated firms after the UK’s withdrawal from the EU. On 27th June, HM Treasury set out its approach to financial services legislation which would be introduced under the European Union (Withdrawal) Act 2018 (the […]