Featured Product

    EC, ESMA, and SRB Issue Statements on Withdrawal of UK from EU

    January 31, 2020

    EC, ESMA, and SRB published statements on the withdrawal of UK from EU. The terms of the Withdrawal Agreement stipulate that UK representatives will no longer be permitted to participate in the EU institutions, agencies, or other bodies, and their governance structures, except where exceptionally justified. By virtue of the Withdrawal Agreement, EU law will continue to apply to the UK, as if it were a member state, during the transition period from February 01, 2020 to December 31, 2020.

    EC mentioned that, on February 03, it will adopt and present draft negotiating directives for the future relationship negotiations with UK to the Council. EC also published a joint press statement by the EC President Ursula von der Leyen on the withdrawal of UK from EU. Additionally, EC published questions and answers (Q&As) on withdrawal of UK from EU.

    ESMA published a statement to clarify issues related to the governance and the reporting obligations for UK entities from February 01, 2020, following the withdrawal of UK from EU. From February 01, the UK FCA will no longer be a member of the Board of Supervisors of ESMA or participate in any of the other governance bodies of ESMA. During the transition period, ESMA will continue to directly supervise the registered credit rating agencies, trade repositories, and securitization repositories established in the UK. In the coming eleven months, ESMA will continue to monitor the application of EU law to/in the UK and will closely monitor developments in preparation for the end of the transition period. 

    In its statement, SRB notified that, during the transition period, the MREL-eligible liabilities governed by UK law will be treated as if they were governed by a member state law. After that, they will be treated as third-country liabilities and may need additional clauses. The impact of Brexit will be taken into consideration in the resolution planning work of SRB, for the 2020 resolution planning cycle and beyond.

     

    Related Links

    Keywords: Europe, EU, UK, Banking, Securities, Brexit, Withdrawal Agreement, Transition Period, Q&A, Credit Rating Agencies, EC, ESMA, SRB

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582