On 14 January 2021, the European Parliament announced that its Economic and Monetary Affairs Committee (ECON) had agreed on the text of the draft Directive on credit servicers, credit purchasers and the recovery of collateral. The ECON MEPs have also agreed to start negotiations with the Council and the European Commission on the draft text. The draft Directive is a key component in the Commission’s plan for developing a secondary market for distressed assets. Irene…

On 14 January 2021, the FCA updated its statement on memoranda of understanding (MoUs) with European authorities in the areas of securities, investment services and asset management, insurance and pensions, and banking by adding links to the following: MoU between the European Banking Authority, the Bank of England and the FCA. MoU between the European Insurance and Occupational Pensions Authority, the Bank of England and the FCA.…

United States | January 26, 2021 | 10:00 am ET | 3:00 pm GMT In the second installment of our post-election webinar series, George E. Pataki, former Governor of New York, and Sam Ramer, former Senior Associate Counsel to President Trump, will consider the latest developments regarding the US presidential election. With one party now controlling both houses of Congress, we will provide insight on the likelihood and speed of new policies we can expect…

Wednesday, 3 February 2021 | 08:45am – 09:30am GMT On 3 February we will be holding a webinar exploring the architecture of the UK regulatory regime following the end of the transition period, the regulatory rules that apply to firms, and where to find this material. In theory, it should be simple as the UK has imported most of the relevant EU regulations and directives into domestic law and the FCA and the PRA are…

On 12 January 2021, the FCA announced that it was conducting a short consultation regarding updating its guidance for firms on the treatment of mortgage and consumer credit customers facing repossession. The FCA’s current guidance on mortgage repossessions means firms should not enforce repossessions before 31 January 2021 except in exceptional circumstances, such as a customer requesting that proceedings continue. The FCA proposes extending this guidance so that firms should not enforce repossessions before 1…

On 13 January 2021, there was published on legislation.gov.uk The Markets in Financial Instruments (Switzerland Equivalence) Regulations 2021 together with an explanatory memorandum. The statutory instrument specifies that the legal and supervisory framework for stock exchanges in Switzerland meet at least equivalent outcomes to the UK’s corresponding regime. It will allow UK investment firms subject to the trading obligation as set out in Article 23(1) of the Markets in Financial Instruments Regulation, as it forms…