London Is Still A Global Gateway for Financial Services

News that nearly 1,500 firms are in the UK’s Temporary Permissions Regime (TPR) show that London is still seen as a global gateway for financial services. That the majority of these firms are establishing new business also indicates that even post-Brexit, UK financial regulation and authorisation continues to be respected. [...]

Read More

Publication of financial instruments reference data after the end of the Brexit transition period

On 6 January 2021, the European Securities and Markets Authority (ESMA) published its first set of Financial Instruments Reference Data System (FIRDS) files following the end of the Brexit transition period. ESMA states that the FIRDS delta files contain information about: Termination of all UK financial instruments: (ISIN, MIC) records for MICs [...]

Read More

FCA policy statement Proposals to enhance climate-related disclosures by listed issuers and clarification of existing disclosure obligations

On 21 December, the FCA published a Policy Statement, final rule and guidance promoting better climate-related financial disclosures for UK premium listed commercial companies. The FCA has introduced a new rule in Listing Rule (LR) 9.8 requiring that commercial companies with a UK premium listing (including sovereign-controlled commercial companies) include [...]

Read More

Completing sterling LIBOR transition by end-2021

After many years of preparation, 2021 is the critical year for firms to complete their transition away from LIBOR. The LIBOR administrator, ICE Benchmark Administration, is consulting on ceasing publication of all sterling LIBOR settings at the end of 2021, leaving just one year for firms to remove their remaining reliance on these benchmarks. This issue [...]

Read More

New Survey of Financial Services firms: 63% do not believe Government has done enough to resolve “equivalence issue” with EU

New Survey of Financial Services firms: 63% do not believe Government has done enough to resolve “equivalence issue” with EU Growing disquiet from financial services towards the Government at the failure to agree a clear regulatory framework with the EU from 2021. With weeks left before the UK leaves the [...]

Read More

Brexit Risks In Financial Services

Written by Paul Grainger, CEO, Complyport. Many financial services firms face risks relating to Brexit that could prove costly and damaging. The larger banks, insurance companies and financial institutions have assessed Brexit risks and acted upon them where able to do so. However, this accounts for a small fraction of [...]

Read More

ECJ fines Ireland €2 million for failure to transpose the EU’s Fourth Anti-Money Laundering Directive on time

The Court of Justice of the EU (the “ECJ”) ordered Ireland to pay a fine of €2 million to the European Commission, due to Ireland’s failure to fully transpose the Fourth Anti-Money Laundering Directive (EU) 2015/849 (“MLD4”) on time. Under the EU treaties, the European Commission may take infringement proceedings [...]

Read More

Liquidity Stress Testing

On 2nd September 2019 ESMA issued its final report on the Guidelines on Liquidity Stress Testing (LST) in UCITS and AIFs. The report and its requirements came into effect on 30th September 2020. The new guidelines aim to promote financial stability by mitigating liquidity risk across Europe and ensuring supervisory convergence through [...]

Read More

The Fifth Money Laundering Directive (AMLD5) – Overview, Key dates and how it will affect financial services

What is the Fifth Money Laundering Directive? The Fifth Money Laundering Directive, commonly known as ‘5MLD’, was an amendment to the Fourth Money Laundering Directive. The amendment aimed to improve transparency of financial transactions and eliminate the anonymity associated with cryptocurrencies to prevent fraudulent activity and combat terrorist financing. EU [...]

Read More