After the UK left the EU on 31 January 2020 (“Brexit”), the United Kingdom started following new rules under its own Sanctions and Anti-Money Laundering Act. No longer subject to EU directives related to anti-money laundering (AML), the UK gained a flexible margin that allowed legislators to create a domestic [...]
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 [...]
Written by Mike Dalmiras The Bank of England together with the FCA have written a letter to CEOs of insurance firms to remind them on the importance of being prepared for the end of the Brexit transitional period, which is set to end on the 31 December 2020, to minimise [...]
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 [...]
Speaking with LBC News journalist Phillip Chrysikos Paul Grainger CEO of Complyport underlined that the UK economy is facing a hard Brexit on 31 December 2020. For firms that trade in goods and services with the EU this will mean facing tariffs and penalties from 1 January 2021. Financial services [...]
The UK financial services industry is now headed for a “Hard Brexit” on the 31 December 2020 following the UK Government decision not to request an extension to the Transitional Period by the deadline of 30 June. Complyport’s CEO, Paul Grainger, Chairs the Brexit Working group of the Association of [...]
In the event of a no-deal Brexit, reciprocal market access would no longer be available through the passporting arrangements between the EU and the UK for firms and investment funds. The UK would become a ‘third-country’ and EEA-based firms might need to seek authorisation in the UK to continue to [...]
The FCA has issued the following statement in response to ESMA’s statement of share trading obligations under MiFID II: “The EU MiFID II and on-shored UK MiFID regimes both have share trading obligations (“STOs”) which mandate investment firms to trade certain shares on regulated markets, multilateral trading facilities, systematic internalisers [...]
The Prudential Regulation Authority, the Financial Conduct Authority (FCA) and European Banking Authority (EBA) have announced that they have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities. Following agreement on the template, the [...]
Following ESMA’s statement clarifying its approach to aspects of the MiFID position limits regime, post-trade transparency requirements, derivatives trading obligations and benchmarks regulation, the FCA has published a statement setting out its position on these issues. It should be noted that these opinions are relevant for a no-deal scenario and [...]
The FCA has said that in its plans to prepare for a range of outcomes in relation to Brexit, including the UK leaving the EU without a transition period, it has developed a new UK Benchmarks Register. This new Register will replace the ESMA Register for UK supervised users, and [...]
The FCA has published updated information to help support regulated firms in finalising their preparations for the UK leaving the EU. The FCA is urging firms to ensure they are making any necessary changes to protect customers from negative impacts of leaving the EU, whatever the outcome of negotiations, for [...]
The FCA is hosting two briefings for regulated firms in preparation for Brexit. These are taking place in London and Edinburgh with live webcasts being shown. Details of how to register for the webcasts are contained within the link: https://www.fca.org.uk/news/news-stories/brexit-briefings [...]
The FCA has agreed MoUs with ESMA and EU regulators. The FCA has published Policy Statement 19/5 (PS19/5) in which it gives feedback to various consultation papers in relation to Brexit, and publishes near final rules and Binding Technical Standards. Of particular note is that PS19/5 sets out the FCA’s [...]
The MiFID transparency regime uses trading data from the UK and the EU. It currently operates by ESMA validating data on trading across the EU and performing various calculations to set assorted thresholds and make various determinations. If the UK leaves the EU without an implementation period agreed, the FCA [...]
by Simon Chapman — Associate Director, Head of Retail Services As the UK seemingly stumbles towards its exit from the EU, questions are being raised about how this will impact the financial services industry and, more importantly, how it will affect the relationship between customer and adviser or product provider. [...]
On 5 February 2019, ESMA published a statement on the use of UK data in ESMA databases and the performance of MiFID II calculations under a no-deal Brexit. ESMA’s statement aims to set out its approach it will take on all ESMA IT applications and databases. The statement sets out [...]
The Treasury has published legislation to give the UK financial regulators the power to make transitional provisions connected to changes to financial services legislation. If the UK leaves the EU without an agreement, the FCA intends to use this power to ensure that firms and other regulated entities can generally [...]
ESMA issued a statement on 19 December 2018 to remind firms providing investment services of their obligations to provide clients with information on the implications of the United Kingdom’s withdrawal from the European Union on their relationship with clients and on the impact of Brexit-related measures that a firm has [...]
ESMA published a Public Statement on 19 December 2018 to clarify its plans for the recognition of Central Counterparties established in the United Kingdom (“UK CCPs”) as Third Country CCPs (“TC-CCPs”) under Regulation (EU) No 648/2012 (European Markets Infrastructure Regulation – EMIR) for a No-Deal Brexit scenario, where UK CCPs [...]
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