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

    APRA Updates Lists of Validation and Derivation Rules in December 2019

    APRA updated the lists of the Direct to APRA (D2A) validation and derivation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    December 13, 2019 WebPage Regulatory News
    News

    APRA Finalizes Prudential Standard for Credit Risk Management of Banks

    APRA updated the prudential standard on credit risk management requirements (APS 220) for authorized deposit-taking institutions, post a public consultation.

    December 12, 2019 WebPage Regulatory News
    News

    EIOPA Consults on Guidelines on ICT Security and Governance

    EIOPA issued a consultation on guidelines on the Information and Communication Technology (ICT) security and governance by insurers.

    December 12, 2019 WebPage Regulatory News
    News

    BCBS Consults on Design of Prudential Treatment for Crypto-Assets

    BCBS published a discussion paper on the design of prudential treatment for crypto-asset exposures of banks.

    December 12, 2019 WebPage Regulatory News
    News

    NCUA Approves Delay of Risk-Based Capital Rules Until January 2022

    The NCUA Board held its eleventh open meeting of 2019 and approved a final rule to delay the effective date of the risk-based capital rules for credit unions to January 01, 2022.

    December 12, 2019 WebPage Regulatory News
    News

    APRA Issues Operational Risk Rules, Consults on Reporting Requirements

    APRA published an updated prudential standard APS 115 that sets out operational risk requirements for authorized deposit-taking institutions in Australia.

    December 11, 2019 WebPage Regulatory News
    News

    ESMA Updates Q&A on European Benchmarks Regulation in December 2019

    ESMA updated the question and answers (Q&A) document on the European Benchmarks Regulation.

    December 11, 2019 WebPage Regulatory News
    News

    APRA Decides to Keep Countercyclical Capital Buffer for Banks at 0%

    APRA announced its decision to keep the countercyclical capital buffer (CCyB) for authorized deposit-taking institutions on hold at zero percent.

    December 11, 2019 WebPage Regulatory News
    News

    ESMA on Draft Amendments to Indices and Recognized Exchanges Under CRR

    ESMA issued the final report on draft amendments to the Implementing Regulation (EU) 2016/1646, which specifies the main indices and recognized exchanges, under the Capital Requirements Regulation (CRR), that are relevant to credit institutions and investment firms subject to prudential requirements and trading venues.

    December 11, 2019 WebPage Regulatory News
    News

    FED Extends Consultation Period for Capital Requirements for Insurers

    FED is extending comment period for the proposed rule establishing risk-based capital requirements for depository institution holding companies that are significantly engaged in insurance activities.

    December 10, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4316