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Thursday, January 7, 2021
31 December
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have.
30 December
In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021.
28 December
The Prudential Regulation Authority ( PRA ) published a policy statement (PS29/20) on the implementation of the CRD V Directive (EU/2019/878) (
CRD V ).
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.
[co-author: Nazia Sohail]
Summary
Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe.
With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal seemingly drifting ever further away, there is continued ambiguity when it comes to the future of financial services across Europe. How the Share Trading Obligation (“
STO”) will operate in practice in a post-Brexit world is no exception to this state of uncertainty.
The Current STO
Under Article 23 of the Markets in Financial Instruments Regulation (“
MiFIR”), EU investment firms are only permitted to trade shares on an EU trading venue (i.e. regulated markets and multilateral trading facilities), an EU systemic internaliser (“
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Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Commission and the ESMA, among others. Also check our Related Materials links.
Contents
EU SRR: ESMA COVID-19 temporary notification threshold
Mass-marketing of speculative illiquid securities: FCA PS20/15 confirms permanent ban
Cryptoasset businesses: FCA temporary registration regime
UK MiFIR transparency regime: FCA update for end of transition period
MiFIR: Implementing Decision amending earlier Decision recognising certain Singapore derivatives trading venues
MiFID: European Commission adopts Delegated Regulation on thresholds for weekly position reporting
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Recent regulatory developments of interest to all financial institutions. See also sector specific updates in the Related Materials links.
Contents
Sanctions Regulations (EU Exit) (Commencement) Regulations 2020
UK financial services overseas framework: HM Treasury call for evidence
BoE Financial Stability Report and FPC summary and record
SMCR implementation: PRA evaluation
UK Investment Firms Prudential Regime: FCA CP20/24
FCA Handbook Notice 83
FOS consults on plans and budget for 2021/22
FOS Ombudsman News 156
IFD: EBA consults on draft guidelines on internal governance
IFD: EBA consults on draft guidelines on soundremuneration policies
IFR and IFD: EBA final report on draft RTS on prudential requirements