Hannah Meakin (UK)

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On 23 January 2019, the FCA published Consultation Paper 19/4 (CP19/4), ‘Optimising the Senior Managers & Certification Regime (SM&CR) and feedback to DP16/4 – Overall responsibility and the legal function’. CP19/4 should be read by firms subject to the banking SM&CR; insurers; FCA solo-regulated firms authorised under FSMA; and EEA and third country branches. The SM&CR was introduced for banking firms in 2016 and insurers in December 2018. It will apply to solo-regulated firms from…
On 23 January 2019, the FCA published Consultation Paper 19/3 (CP19/3) concerning guidance on cryptoassets. Within the UK Cryptoasset Taskforce’s report of October 2018, the Taskforce set out a commitment to provide extra clarity to firms about where current cryptoasset activities are regulated. The FCA is consequently consulting in CP19/3 on guidance to fulfil that commitment. CP19/3 targets firms trading, exchanging, holding and creating crypto assets such as coins or tokens, and individual investors. The…
On 18 January 2019, there was published a draft of The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 together with an explanatory memorandum. The draft statutory instrument is part of the UK Government’s contingency planning for a no deal Brexit and is made under the European Union (Withdrawal) Act. The draft statutory instrument makes consequential amendments to the relevant parts (Part 18, 18A and Schedule 17A) of the…
On 17 January 2019, HM Treasury published a draft version of the Uncertificated Securities (Amendment and EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument serves two purposes: it amends the Uncertified Securities Regulations (the USR) in light of the EU Central Securities Depositories Regulation (CSDR) as implemented in the UK via the Central Securities Depositories Regulations 2014 and the Central Securities Depositories Regulations 2017. In particular, the draft…
We are pleased to announce that our Financial Institutions (FI) team will hold a Brexit seminar in February 2019 in Paris. The objective of the seminar is to create awareness of the impact on the European financial institutions industry doing business in the UK after Brexit. Our Paris and London FI experts will give an overview of the recent developments regarding the negotiations on the future EU/UK relationship and what they are seeing in the market…
On 11 January 2019, the European Parliament’s Economic and Monetary Affairs Committee (ECON) published a report on the European Commission’s proposed Regulation amending the Benchmarks Regulation on low carbon benchmarks and positive carbon impact benchmarks. ECON voted to adopt the report on 13 December 2018. The European Parliament will consider the report in plenary.…
The webex recording of our January 40 minute briefing, Brexit – deal or no deal, is now available. To access the recording, please click here. If you would like access to our Brexit Pathfinder hub referenced in the briefing, registration is free via the NRF Institute here. Our exclusive PathfinderPLUS service, containing conformed copies of the financial services EU Exit statutory instruments, is also available upon request. To find out more, please contact Jochen
On 9 January 2019, the European Commission published a draft of a Commission Delegated Regulation (EU) amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People’s Bank of China from the pre- and post-trade transparency requirements in MiFIR, together with an annex. The draft Delegated Regulation adds the People’s Bank of China to the list of exempted institutions from the MiFID II pre- and post- trade transparency requirements under article 1 (9)…
On 10 January 2019, the European Banking Authority (EBA) published two reports on the consistency of risk weighted assets across all EU institutions authorised to use internal approaches for the calculation of capital requirements. The reports cover credit risk for high and low default portfolios, as well as market risk. The results confirm previous findings, with the majority of risk-weights variability explained by fundamentals. These benchmarking benchmarking exercises, conducted by the EBA on an annual…
On 9 January 2019, the European Securities and Markets Authority (ESMA) published its advice to the EU institutions (the European Commission, the Council of the EU and the European Parliament) on initial coin offerings (ICOs) and crypto-assets. Prior to the publication of the advice ESMA has been working with Member State national competent authorities (NCAs) on analysing the different business models of crypto-assets, the risks and potential benefits that they may introduce, and how they…