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 Adopts Financial Reporting Changes Arising from Benchmark Reforms

    EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.

    January 14, 2021 WebPage Regulatory News
    News

    BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk

    BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.

    January 14, 2021 WebPage Regulatory News
    News

    HMT Updates List of Post-Brexit Equivalence Decisions in UK

    HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Issues Erratum for Technical Package on Reporting Framework 3.0

    EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.

    January 14, 2021 WebPage Regulatory News
    News

    APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets

    APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.

    January 14, 2021 WebPage Regulatory News
    News

    EBA Publishes Risk Dashboard for Third Quarter of 2020

    EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro

    ECB concluded the public consultation on the introduction of a digital euro in EU.

    January 13, 2021 WebPage Regulatory News
    News

    ECB Finalizes Guide on Supervisory Approach to Bank Consolidation

    ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.

    January 12, 2021 WebPage Regulatory News
    News

    SRB Chair Outlines Work Priorities for 2021

    The SRB Chair Elke König published an article setting out work priorities for 2021.

    January 11, 2021 WebPage Regulatory News
    News

    FDIC Selects Companies to Compete in Final Phase of Tech Sprint

    FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.

    January 11, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6417