On 21 September 2020, the Implementation Decree Registration Ultimate Beneficial Owners of Corporate and Other Legal Entities (Implementatiebesluit registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, the Implementation Decree) was published in the Dutch Government Gazette (Staatsblad van het Koninkrijk der Nederlanden). The Implementation Decree is one of the pieces of legislation implementing the ultimate beneficial owner register (UBO Register) requirements in the Netherlands. It will amend the Trade Register Decree 2008 (Handelsregisterbesluit 2008)…

Financial services: Regulation tomorrow

First firms to begin move to new data collection platform, RegData

By Lisa Lee Lewis (UK)

September 24, 2020

On 23 September 2020, the FCA announced that the first firms will be moved from Gabriel to RegData over the weekend of 17 and 18 October. Those firms will then complete their regulatory reporting on RegData. Firms will continue to be moved to RegData from Gabriel in the coming months as the FCA moves users across in stages, based on their reporting requirements. Firms will not be able to access RegData until they and their…

Financial services: Regulation tomorrow

Proposed European Regulations on markets in crypto-assets and DLT market infrastructure

By Anna Carrier (BE)

September 24, 2020

On 23 September 2020 the European Commission published its long-awaited draft regulation on markets in crypto-assets (MiCA), with its accompanying annex and a draft regulation on a pilot regime for market infrastructures based on distributed ledger technology (DLTR). The proposals, which are part of the broader Digital Finance Strategy package, are the first European-level legislative initiatives aiming to introduce harmonised and comprehensive framework for issuance, application and provision of services in crypto-assets, and to create…

Financial services: Regulation tomorrow

Proposed Regulation on digital operational resilience for the EU financial sector

By Anna Carrier (BE)

September 24, 2020

On 24 September 2020 the European Commission published its long-awaited draft regulation on digital operational resilience for the EU financial services sector (DORA). The proposal, which is part of the broader Digital Finance Strategy package, is a first European-level legislative initiative aiming to introduce harmonised and comprehensive framework on digital operational resilience for European financial institutions. When formally adopted, DORA will also bring critical third-party service providers – such as cloud computing services – within…

Financial services: Regulation tomorrow

The Electricity and Gas etc. (Amendment) (EU Exit) Regulations 2020

By Hannah Meakin (UK)

September 23, 2020

On 22 September 2020, there was published on legislation.gov.uk The Electricity and Gas etc (Amendment) (EU Exit) Regulations 2020. Six statutory instruments were made under section 8 of the European Union (Withdrawal) Act 2018 to remove deficiencies caused by EU exit, to EU and UK legislation relating to gas and electricity markets: The Electricity and Gas (Powers to Make Subordinate Legislation) (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1286). The Electricity and Gas etc. (Amendment…

Financial services: Regulation tomorrow

FCA launches consultation on the regulation of international firms

By Simon Lovegrove (UK)

September 23, 2020

On 23 September 2020, the FCA issued Consultation Paper 20/20: Our approach to international firms (CP20/20). CP20/20 is relevant to EEA firms that intend to seek authorisation in the UK in the future, including those entering the temporary permissions regime (TPR), as well as firms from non-EEA countries that have applied or intend to apply for authorisation in the UK, or are already authorised in the UK. Key points in CP20/20 include: CP20/20 focuses on…

Financial services: Regulation tomorrow

BoE and PRA consult on changes before the end of the transition period

By Simon Lovegrove (UK)

September 23, 2020

On 22 September 2020, the Bank of England (BoE) and the Prudential Regulation Authority (PRA) jointly issued a Consultation Paper ‘UK withdrawal from the EU: Changes before the end of the transition period’ (the CP). The CP provides: An update on the BoE’s and PRA’s intended use of the temporary transitional power provided for in the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. For a BoE and PRA consultation on proposals…

Financial services: Regulation tomorrow

EPC – Some 2020 change requests entering into force in November 2023

By Albert Weatherill (UK)

September 23, 2020

On 22 September 2020, the European Payments Council (EPC) published a new web page concerning some 2020 change requests entering into force in November 2023. The EPC explains that in September 2020, it decided to migrate all of its payment schemes to the 2019 version of the ISO 20022 message standard by 19 November 2023 (i.e. the entry into force date of the 2023 payment scheme rulebooks). This implementation period combined with new/amended business and/or…

Financial services: Regulation tomorrow

FinCEN finalizes AML requirements for certain banks; asks for comments on possible rulemaking on AML compliance programs

By Kathleen Scott (US)

September 23, 2020

On September 15, 2020, the Financial Crimes Enforcement Network (FinCEN), the US anti-money laundering (AML) agency, published a final rule that completes the circle of all banking organizations being treated the same for purposes of AML compliance requirements for banks. The final rule covers banks that do not have a Federal functional regulator, such as private banks and non-federally insured credit unions. With the final rule, these banks will be subject to the following federal…

Financial services: Regulation tomorrow

FCA reminds professional indemnity insurance underwriters to meet regulatory requirements when including pandemic exclusions

By Laura Hodgson (UK)

September 23, 2020

In its latest regulatory round-up, the Financial Conduct Authority (FCA) has reminded insurers offering professional indemnity insurance of its Handbook requirements. Insurance firms applying pandemic exclusions are reminded of the minimum requirements in MIPRU 3.2 and should consider whether exclusions are consistent with product governance obligations to ensure that the policy is compatible with the needs, characteristics and objectives of the target market. Policies with exclusions must also meet customers’ demands and needs in accordance…

Financial services: Regulation tomorrow

Tracks financial services regulatory developments and provides insight and commentary

Blog Authors

Decree Implementing UBO Register published in Dutch Government Gazette

First firms to begin move to new data collection platform, RegData

Proposed European Regulations on markets in crypto-assets and DLT market infrastructure

Proposed Regulation on digital operational resilience for the EU financial sector

The Electricity and Gas etc. (Amendment) (EU Exit) Regulations 2020

FCA launches consultation on the regulation of international firms

BoE and PRA consult on changes before the end of the transition period

EPC – Some 2020 change requests entering into force in November 2023

FinCEN finalizes AML requirements for certain banks; asks for comments on possible rulemaking on AML compliance programs

FCA reminds professional indemnity insurance underwriters to meet regulatory requirements when including pandemic exclusions

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