On 14 February 2019, the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum. The statutory instrument has minor changes to the draft published on 30 November 2018 (our blog 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 free via the NRF Institute…

Introduction The UK Government has announced a temporary permissions regime (TPR) for inbound passporting EEA firms and funds. The TPR will come into effect in the event of a hard Brexit, and will provide a temporary backstop to ensure that such firms and funds can continue their UK business with minimal disruption. In order to take advantage of the TPR firms and funds need to make a notification to the UK Financial Conduct Authority (FCA)…

On 13 February 2019, the European Commission adopted a Delegated Regulation supplementing the Fourth Anti-Money Laundering Directive (MLD4) by identifying high-risk third countries with strategic deficiencies. The Delegated Regulation identifies 23 high-risk third countries with strategic deficiencies in their safeguarding against money laundering and terrorist financing. The countries are listed in an annex to the Delegated Regulation. A Q&As webpage on the list has also been published. Under Article 18 of MLD4, firms are…

On 12 February 2019, the Financial Stability Board (FSB) published its work programme for 2019. The FSB’s work programme is split across five areas: addressing new and emerging vulnerabilities in the financial system: including more detailed work on FinTech, cyber resilience and non-bank financial intermediation; finalising and operationalising post-crisis reforms: including the development of safer derivatives markets, ending too-big-to-fail, and promoting resilient non-bank financial intermediation; implementation of reforms: including the monitoring of the implementation of…

On 12 February 2019, the House of Commons’ Treasury Committee published a letter from its Chair to the Economic Secretary to the Treasury, John Glen MP. The letter concerns the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. In the letter the Treasury Committee thanks Mr Glen and members of the UK regulatory authorities for appearing before it and answering questions on the powers given to them by the statutory instrument.  The…

On 12 February 2019, there was published on legislation.gov.uk a correction slip to the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019. The correction slip sets out minor amendments to the draft published on 21 January 2019 (our blog is here). These amendments do not impact the substantive content of the draft statutory instrument. You can track the financial services Brexit EU Exit statutory instruments (as well as…

On 12 February 2019, HM Treasury published an updated draft of The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019. The updated draft contains minor amendments to the draft of 5 February 2019 (our blog is here) and has now been laid before Parliament. 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 free via…