Featured Product

    BoE Publishes Updates on the Temporary Permissions Regime Under Brexit

    January 24, 2019

    BoE published the interim lists of third-country central counterparties, third-country central securities depositories, and European Economic Area systems that will enter into the various temporary or transitional arrangements on exit day if the UK leaves EU with no implementation period.

    Additionally, BoE provided the following updates related to the temporary permissions regime (TPR):

    • TPR Notification form is now available on the FCA Connect system. Firms that choose to enter the TPR by notifying PRA should make their notification using the form available on the FCA Connect system from January 07, 2019 and March 28, 2019. 
    • BoE published a note that clarifies the interaction between the PRA and FCA proposals for applying the Senior Managers and Certification Regime (SM&CR) to firms in the TPR. In particular, this note includes a set of Frequently Asked Questions on how the two sets of proposals would apply to dual-regulated, European Economic Area firms currently operating in the UK via an establishment passport through a branch. Compliance with the PRA requirements under SM&CR will not be a pre-condition of entry into the TPR.
    • BoE notified that HM Treasury confirmed in December 2018 that a statutory instrument would be laid prior to exit, allowing for the continuation of Gibraltarian firms’ deemed passporting rights.
    • European Economic Area pure reinsurers operating in the UK and intending to notify their intention to enter the TPR, but with no access to the FCA Connect system, should contact PRA.

     

    Related Links:

    Keywords: Europe, EU, UK, Banking, Insurance, Securities, FMI, Brexit, SM&CR, Third Country Equivalence, Temporary Permissions Regime, PRA, FCA, BoE

    Related Articles
    News

    EC Issues Regulation on Adjustments to K-Factor Coefficients Under IFR

    The European Commission (EC) published a report summarizing responses to the targeted consultation on the supervisory convergence and the single rulebook in the European Union (EU).

    January 20, 2022 WebPage Regulatory News
    News

    OSFI Issues Results of Pilot on Climate Risk Scenario Analysis

    The Office of the Superintendent of Financial Institutions (OSFI) published an update on the discussion paper that intended to engage federally regulated financial institutions and other interested stakeholders in a dialog with OSFI, to proactively enhance and align assurance expectations over key regulatory returns.

    January 20, 2022 WebPage Regulatory News
    News

    ECB Issues Opinions on Green Bonds Standard and CRR Proposals

    The European Central Bank (ECB) published its opinion on a proposal for a regulation on European green bonds, following a request from the European Parliament.

    January 19, 2022 WebPage Regulatory News
    News

    ESRB Explores Policy Response to Risks Arising from Digitalization

    The Advisory Scientific Committee (ASC) of the European Systemic Risk Board (ESRB) published a report that explores the expected impact of digitalization on provision of financial and banking services, and proposes policy measures to address the risks stemming from digitalization.

    January 18, 2022 WebPage Regulatory News
    News

    EU Authorities Address COVID-19 Reporting, MCD, and PSD2 Issues

    The European Banking Authority (EBA) announced that the guidelines on the reporting and disclosure of exposures subject to measures COVID-relief measures shall continue to apply until further notice.

    January 17, 2022 WebPage Regulatory News
    News

    FI Publishes Multiple Regulatory and Reporting Updates

    The Swedish Financial Supervisory Authority (FI) announced that the capital adequacy reporting as at December 31, 2021 must be done by February 11, 2022.

    January 17, 2022 WebPage Regulatory News
    News

    BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance

    The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.

    January 16, 2022 WebPage Regulatory News
    News

    US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint

    The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.

    January 13, 2022 WebPage Regulatory News
    News

    EBA Issues Guide on Bank Resolvability, Consults on Transferability

    The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).

    January 13, 2022 WebPage Regulatory News
    News

    MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022

    The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.

    January 13, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 7875