Featured Product

    FCA Consults on Financial Services Contracts Regime for No-Deal Brexit

    February 02, 2019

    FCA published a consultation paper (CP19/2) that sets out details of the financial services contracts regime (FSCR). CP19/2, which should be read in conjunction with the FSCR Regulations, contains the FCA proposals for rules that will apply to firms in the FSCR. The last date for comments was January 29, 2019. The FSCR allows the European Economic Area firms to conduct an orderly exit from the UK, in case the UK leaves EU without an implementation period. FCA recently updated its information on FSCR and plans to publish the final text of the proposed rules,, along with the feedback to CP19/2, before the exit day.

    The FSCR Regulations will allow European Economic Area firms—that have pre-existing contracts in the UK and that would require a permission to service these contracts—to continue to carry on the relevant regulated activities in the UK for a limited period. FCA needs to amend its Handbook to apply the appropriate rules to firms under the FSCR for this UK business and is, therefore, consulting on the application of these rules in CP19/2. The FSCR will work alongside the temporary permissions regime, which enables inbound European Economic Area firms to access the UK market while seeking full authorization in the UK. The FSCR will provide two discrete mechanisms:

    • Supervised run-off—for the European Economic Area firms with UK branches or top-up permissions in the UK and firms who entered the temporary permissions regime but did not secure a UK authorization at the end
    • Contractual run-off—for the remaining incoming services firms

    The consultation paper is relevant for European Economic Area firms that are passporting into the UK under the Financial Services and Markets Act 2000 (FSMA) and Treaty firms. It is also relevant for European Economic Area electronic money and payment institutions and registered account information service providers passporting into the UK.


    Related Links

    Comment Due Date: January 29, 2019

    Keywords: Europe, UK, Banking, Insurance, Securities, FSCR, Brexit, CP19/2, FSCR Regulations, FCA

    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    News

    OSFI Sets Out Plan for Future Guidance on Managing Technology Risk

    OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.

    May 10, 2021 WebPage Regulatory News
    News

    MAS Updates Housing Loan Rules, Proposes Corporate Governance Guidance

    MAS updated rules for new housing loans by banks and finance companies.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6964