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On 17 April 2019, the FCA set out its Research Agenda. The FCA’s research interests fall across five broad and complementary themes: household finance and consumer behaviour. The FCA states that to protect consumers, it needs a comprehensive understanding of individuals’ and households’ financial circumstances and decisions, as well as how firms respond to them. The FCA uses a life-cycle model as an overarching framework for considering the issues consumers face in making financial…
On 17 April 2019, the FCA published Consultation Paper 19/16: FCA regulated fees and levies: rates proposals 2019/20 (CP19/16). In CP19/16 the FCA consults on its periodic fees for the next financial year (1 April 2019 to 31 March 2020) and any proposed changes to application fees and other fees. The FCA also consults on the Financial Ombudsman Service (FOS) general levy, Money and Pensions Service (MPS), Devolved Authorities (DAs) and illegal money-lending levies for…
On 15 April 2019, the PRA published Consultation Paper 9/19: Regulated fees and levies: rates proposals 2019/20 (CP9/19). In CP9/19 the PRA sets out proposals for its fees and levies for 2019/20.  The proposals would make amendments to the Fees Part of the PRA Rulebook, and Supervisory Statement 3/16: Fees: PRA approach and application. The deadline for comments on CP9/19 is 14 May 2019. The proposed implementation date for the amended rules is 1 July…
On 15 April 2019, HM Treasury published its consultation on the steps the UK Government proposes to take to meet the UK’s expected obligation to transpose the Fifth Anti-Money Laundering Directive (5MLD) into national law. The 5MLD makes a number of changes to the Fourth Anti-Money Laundering Directive which was mentioned in our update last year (see here). In implementing the 5MLD, the UK Government is catering for the scenario where an implementation period…
On 12 April 2019, the FCA published notifications amending the Directions concerning the temporary permissions regime in light of the further extended Article 50 process. The FCA has published: Temporary Permission Notification (FSMA); Temporary Permission (UCITS); Temporary Permission (AIFM); Temporary Permission (emoney); and Temporary Permission (payments). These documents extend the notification window for the temporary permissions regime to 30 May 2019. On the FCA’s webpage concerning the temporary permissions regime…
On 12 April 2019, the European Central Bank (ECB) published a speech by Andrea Enria (Chair of the ECB Supervisory Board) on the issue of cross-border banks. Mr Enria begins his speech by discussing the lessons that were learnt on crisis management during the 2008 global financial crisis. He also discusses what the ECB has done in recent years to deal with the so called ‘global in life, global in death’ issue noting in particular…
On 11 April 2019, The European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 2) Regulations 2019 were made. The Regulations enshrine the conclusions of the European Council Decision of 11 April 2019 (our blog on which is here) into UK law. The Regulations amend The European Union (Withdrawal) Act 2018, section 20, altering the definition of ‘exit day’ to 31 October 2019 at 11pm. An explanatory note is annexed to the Regulations. You…
On 11 April 2019, there was published on legislation.gov.uk The Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc.) (EU Exit) Regulations 2019 together with an explanatory memorandum. The Regulations were made on 29 March 2019 and our earlier blog on these Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our Brexit Pathfinder hub. Registration is…
The EU Withdrawal (No.5 Bill) received Royal Assent earlier this week becoming the European Union (Withdrawal) Act 2019 (the 2019 Act). Section 1 of the 2019 Act places a legal obligation on the Government, requiring a Minister to move a motion in the House of Commons which states:  “That this House agrees for the purposes of section 1 of the European Union (Withdrawal) Act 2019 to the Prime Minister seeking an extension of the period…
On 10 April 2019, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2019/564 of 28 March 2019 amending Delegated Regulation (EU) 2016/2251 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards the date until which counterparties may continue to apply their risk-management procedures for certain OTC derivative contracts not cleared by a CCP. The Commission Delegated Regulation exempts OTC derivatives contracts that…