On 3 July 2019, our financial services team will be holding its next 40 minute briefing, discussing key anti-money laundering (AML) developments. This event will take the form of a webinar; registration and further details can be found here. This briefing will discuss, amongst other things: The changes under the Fifth Anti-Money Laundering Directive High risk customers including politically exposed persons Key themes arising from FCA anti-money laundering enforcement action…

On 13 June 2019, the Bank of England (BoE) published a press release alongside the FCA and the Monetary Authority of Singapore (MAS) regarding collaboration in the field of cyber security. Specifically, the MAS, the BoE and the FCA have announced that they will be working together to strengthen cyber security in their financial sectors. The MAS and the UK financial authorities will commence work towards a Memorandum of Understanding to signify this enhanced collaboration.…

On 11 June 2019, the FCA updated its webpage on EMIR notifications and exemptions to reflect changes introduced by the EMIR Refit Regulation (EMIR Refit). Two new sections have been added to the webpage providing information on: small financial counterparties – exceeding the clearing thresholds. The information provided by the FCA explains more about calculating the clearing threshold for small financial counterparties which intend to benefit from the clearing exemption introduced under EMIR Refit; and…

On 11 June 2019, the European Securities and Markets Authority (ESMA) published its final report following its call for evidence on periodic auctions (our blog is here). The report summarises the feedback received to the call for evidence and presents ESMA’s reflections on the feedback provided, including possible follow-ups. Where follow-ups are identified, ESMA intends to issue supervisory guidance in the coming months. As regards frequent batch auctions (FBAs) (discussed at chapter 4 of…

Introduction The EMIR Refit Regulation (EMIR Refit) will enter into force on 17 June 2019. With some exceptions, it will apply from that date. The purpose of the EMIR Refit is to amend and simplify the European Markets Infrastructure Regulation (EMIR) “to address disproportionate compliance costs, transparency issues and insufficient access to clearing for certain counterparties.” This note provides a summary of the key changes under EMIR Refit. Definitions / scope Definitions EMIR Refit amends…

On 6 June 2019, the FCA published Policy Statement 19/15: Securitisation (Amendment) (EU Exit) Regulations 2019 and Securitisation Regulations 2018 (near final and final rules) (PS19/15). The Securitisation (Amendment) (EU Exit) Regulations 2019 (the Brexit SI) will come into force on the day the UK leaves the EU in a hard Brexit scenario, and will transfer powers for the regulation of Securitisation Repositories (SRs) from the European Securities and Markets Authority (ESMA) to the…

On 5 June 2019, the European Securities and Markets Authority (ESMA) announced published a press release announcing that it has published the official translations of its guidelines on the application of C6 and C7 of Annex 1 of MiFID II. Member State national competent authorities must notify ESMA by 5 August 2019 as to whether they comply or intend to comply with the guidelines.…