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

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697