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The Standard Formula: A Guide to Solvency II – Chapter 3: Cross-Border Services and Overseas Branches | Skadden, Arps, Slate, Meagher & Flom LLP

(Re)insurance is a global business. It is common for (re)insurance groups to operate in a range of jurisdictions via: i. locally incorporated and authorised. ....

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Key Regulatory Topics: Weekly Update 14 – 20 January 2022 | Allen & Overy LLP

IOSCO this week published a consultation on measures to address risks from digitalisation of retail marketing and distribution. Here in the UK, the FCA launched its own a consultation. ....

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Brexit: FCA guidance for firms operating in the UK under the Temporary Permissions Regime | Proskauer Rose LLP

On the 4 March 2021, the UK’s Financial Conduct Authority (“
FCA”) updated its website with further guidance on the Temporary Permissions Regime (“
TPR”), which came into force at the end of the transition period on 31 December 2020. The guidance is relevant for EU incoming firms that made an application under the TPR in 2020 to continue operating on a cross-border basis in the UK and who are currently carrying out their UK business or marketing on this basis.
As detailed in our previous note from November 2020, the UK established the TPR to enable firms and funds that relied on passporting into the UK under European legislation, to continue operating in the UK post-Brexit, providing those firms with limited temporary relief to operate without being authorised by the FCA. ....

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Global Payments Newsletter, February 2021 | Hogan Lovells

Key developments of interest over the last month include:
• United Kingdom: The Payment Systems Regulator (PSR) has published two calls for views, one of which focuses on authorised push payment (APP) scams and the other on consumer protection in interbank payments.
• India: The government is planning a cryptocurrency bill with the aim of establishing a framework for the creation of an official digital currency to be issued by the Reserve Bank of India.
• United Kingdom: The FCA is consulting on changes to its technical standards on strong customer authentication (SCA) and common and secure methods of communication (UK SCA-RTS) and to its Payment Services and Electronic Money Approach Document. ....

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UK Financial Conduct Authority Sets Out Its Approach To International Firms

UK Financial Conduct Authority Sets Out Its Approach To International Firms
Date
The FCA today published its approach to the authorisation and supervision of international firms.
The publication explains how the FCA will assess international firms when they apply for authorisation to operate in the UK market. The FCA has considered responses to a consultation published last year (CP20/20) and today we have also published a feedback statement alongside the approach document.
The FCA expects firms seeking authorisation to have an active place of business in the UK to enable us to effectively supervise its UK activities.
International firms serving UK customers can sometimes create different risks of harm compared to UK firms because of the way their businesses are structured and operate. In the approach document the FCA sets out how these risks may be mitigated, and the factors that will be taken into account when deciding whether it may be mor ....

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