Regulatory permissions: FCA reminds firms to use or cancel
DB pension transfer advice: FCA Assessment Tool and latest data analysis
FCA MoU with DWP and MaPS
Consumer investments data review 2020: FCA summary
CMC charges for financial products and services claims: FCA CP21/1
FCA Regulation round-up
UK Regulators Network: second publication of performance scorecards
EU economic and financial system: European Commission Communication on further steps to foster openness, strength and resilience
IFD: EBA final reports on draft RTS on risk takers and variable remuneration
FICOD: Joint Committee of ESAs final report on draft ITS on reporting of intragroup transactions and risk concentration
Preparation for entry into force of the Taxonomy
Regulation
Preparation for entry into force of periodic reporting
obligations and Level 2 Measures under the SFDR
The Cross Border Distribution Regulation sets down specific
conditions that all marketing communications addressed to investors
must comply with. These include an obligation to ensure that all
information contained in marketing communications is fair, clear
and not misleading and does not contradict or diminish the
significance of information contained in the fund prospectus. They
must also provide investors with a hyperlink to a summary of
investor rights. Marketing communications
18 will
also need to comply with ESMA s finalised guidelines on
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.
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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
On 14 December 2020, the Financial Conduct Authority (“
FCA”) published the first out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“
IFPR”) (CP20/24) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“
MiFID”).
The UK government announced in July 2020 (please also refer to our article on these announcements) that it supported the intended outcomes of the new European prudential regime, but that it will not implement the new European prudential regime which will be introduced by the Investment Firms Regulation (EU/2019/2033) (“
IFR”) and Investment Firms Directive (EU/ 2019/2034) (“