Brexit
Please see the other sections for product-specific updates relating to Brexit.
Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.
FCA and PRA on passporting in and out of Gibraltar after the transition period
On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its respective webpage on 4 January. The regulators explain that the transitional arrangements preserving passporting rights between the UK and Gibraltar after the end of the transition period have been extended until 31 December 2021 and can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place. The webpages set out information for firms on how to apply, the application process and applicable timelines, as well as other specifics f
Friday, January 8, 2021
On December 31, 2020, the UK’s Financial Conduct Authority (FCA) published a statement on the use of temporary transitional power (TTP) to modify the UK’s derivatives trading obligation (DTO). The TTP will be implemented on December 31, 2020 at 11:00 p.m. UK time (the Statement).
Recently, the United Kingdom implemented the G20 commitment to improve over-the-counter derivatives markets by onshoring the Markets in Financial Instruments Regulation (MiFIR) DTO under the EU Withdrawal Act. The UK DTO applies to the same classes of derivatives as the EU DTO.
The United Kingdom has agreed to a trade and cooperation agreement and the associated joint declaration on financial services regulatory cooperation, which will consider mutual equivalence between the United Kingdom and European Union. The aim is to prevent disruption for market participants and reduce costs for investors.