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Global Payments Newsletter, January 2021 | Hogan Lovells

United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins
On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins.
In outline, the consultation proposes:
A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by HMT.
Expansion of the regulatory perimeter, with the introduction of a regulatory framework for “stable tokens” (i.e. tokens which maintain a stable value by referencing asset(s)), drawing on existing e-money and payments legislation. The FCA would authorise and supervise relevant entities carrying out certain activities in the UK. A stable token arrangement could also be subject to Payment Systems Regulator (PSR) and Bank of England regulation under certain circumstances ....

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Brexit Regulation Roundup

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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Banking and finance regulatory news, December 2020 # 3 | Hogan Lovells

CRR: European Commission adopts Delegated Regulation on specialised lending exposures
The European Commission has adopted a Delegated Regulation in respect of regulatory technical standards (RTS) for assigning risk weights to specialised lending exposures under Article 153(9) of the Capital Requirements Regulation (CRR). The draft RTS specify how institutions should take into account the factors of financial strength, political and legal environment, transaction and asset characteristics, strength of the sponsor and developer, and security package when assigning risk weights to specialised lending exposures in respect of which an institution is not able to estimate probabilities of default (PDs) or the institutions PD estimates do not meet the requirements set out in Section 6 of Chapter 3 (Internal Ratings Based (IRB) Approach) of Title II of Part Three of the CRR. ....

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Financial institutions general regulatory news, December 2020 # 2 | Hogan Lovells

Approach of insolvency practitioners to regulated firms: FCA GC20/5
FCA policy development update
Counter-Terrorism (Sanctions) (EU Exit) (Commencement) Regulations 2020
Data localisation impact on financial services sector: IRSG report
MLD4: European Commission draft Delegated Regulation removing Mongolia from high-risk third countries
Islamic financial services: IFSB to adopt two new standards
Digital trust and identity for legal entities: GLEIF development programme
Hogan Lovells Brexit resources
As the UK-EU Brexit transition period draws to an end, take a look at our various Beyond Brexit transition bulletins on the Hogan Lovells Brexit Hub.
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020
The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with an explanatory memorandum. The purpose of SI 2020/1447 is to ensure that the U ....

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Reminder to update the trust register

Reminder to update the trust register
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