Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

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Over the last few months, US economic sanctions have taken the front pages as the Trump Administration has reinstated certain sanctions aimed at Iran following the United States withdrawal from the Joint Comprehensive Plan of Action (“JCPOA”). While the so-called “snapback” reinstated sanctions provisions increase the risk for non-US companies, recent enforcement actions against non-US companies demonstrate that such companies have always been at risk of violating the US sanctions laws.…
On 7 December 2018, the FCA published Consultation Paper 18/39: Quarterly Consultation No. 23 (CP18/39). In CP18/39 the FCA seeks views from interested stakeholders about whether or not it should recognise the FX Global Code (August 2018) and the UK Money Markets Code (April 2017). The FCA also proposes a number of changes to its Firm Details reporting form in  rule 16.10 of the Supervision Manual (SUP 16.10), to ensure compliance and increase in accuracy…
On 7 December 2018, the FCA updated its policy development webpage with details of recent publications it has issued, as well as upcoming publications. Upcoming publications by the FCA include: a policy statement on general standards and communication rules for the payment services and e-money sectors; a policy statement on the FCA’s approach to final regulatory technical standards and EBA guidelines under the revised Payment Services Directive; a paper on recovering the costs of regulating…
On 7 December 2018, HM Treasury published an updated draft of the  Collective Investment Scheme (Amendment etc) (EU Exit) Regulations 2018 together with explanatory information. The Regulations appear to have no changes from draft published on 8 October 2018 (our blog on which can be found here). The Regulations are yet to be laid before Parliament.…
On 7 December 2018, there was published on legislation.gov.uk the  Short Selling (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from previous draft published on 10 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force on exit day.…
On 7 December 2018, there was published on legislation.gov.uk the  Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from the draft laid before Parliament on 6 November 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force on exit day.…
On 7 December 2018, there was published on legislation.gov.uk the  Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from the draft published on 31 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force on exit day.…
On 10 December 2018, the European Court of Justice (ECJ) delivered the judgment for the case of Wightman and Others v Secretary of State for Exiting the European Union (C-621/18), finding that the UK is free to revoke unilaterally the notification of its intention to withdraw from the EU. On 3 October 2018, the Scottish Court of Session referred to the ECJ (having been approved by the UK Supreme Court), for a preliminary ruling, the…
On 7 December 2018, the Financial Action Task Force (FATF) published the results of its assessment of the UK’s anti-money laundering and counter terrorist financing (AML/CTF) regime.  The assessment was a comprehensive review of the effectiveness of the UK’s measures and their level of compliance with the FATF Recommendations. Key findings from the FATF’s assessment are: the UK has a robust understanding of its money laundering (ML) and terrorist financing (TF) risks which is reflected…
On 7 December 2018, the European Commission published an evaluation roadmap for the Distance Marketing of Financial Services Directive. The evaluation will assess whether the Directive’s original objectives have been achieved, how the Directive is functioning from a cost-benefits and burden reduction perspective and how the Directive works together with other legislation in the field of retail financial services, consumer protection and data protection. A public consultation questionnaire will be made available in all EU…