EU Exit: FCA Information on Implementation Period
On 20 December 2019, the FCA updated its webpage on the temporary permissions regime (TRP) for inbound passporting EEA firms and funds to confirm that, if the UK leaves the EU with a Withdrawal Agreement on 31 January 2020, it will update its guidance after 31 January 2020 to reflect the UK’s new status. The FCA has also published information on what an implementation period would mean for the FCA, firms and consumers.
Queen’s Speech: Financial Services Bill
On 19 December 2019, the UK Government published a background briefing to the Queen’s Speech made before both Houses of Parliament, providing a summary of the future legislative direction of the Government. Of particular interest is the material surrounding the Financial Services Bill, which, among other things, aims to fulfil the government’s commitment to long-term market access to the UK for financial services firms in Gibraltar, to simplify the process for selling overseas investment funds in the UK, and to enable the UK implementation of the Basel standards. The Government also confirms the legislation will build on the extensive secondary legislation brought forward under the EU (Withdrawal) Act 2018 to ensure the effective operation of retained EU law.
European Commission Implementing Decision amending Implementing Decision on Temporary Equivalence of UK CCP regulatory framework
On 19 December 2019, the European Commission published a Commission Implementing Decision amending Implementing Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties (CCPs) in the UK is equivalent, in accordance with the European Market Infrastructure Regulation (EMIR). The Commission Implementing Decision amends Implementing Decision (EU) 2018/2031 to provide for an application period of one year.