General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
November 23, 2018

FCA published further proposals (CP18/36) on how it will amend its Handbook and EU-derived binding technical standards (BTS) if the UK leaves EU without an implementation period in place. FCA is also consulting on the proposed approach to non-Handbook guidance and to forms that appear in the FCA Handbook. The comment period on CP18/36 closes on December 21, 2018.

In October 2018, FCA had published its first consultation on the amendments needed, should the UK leave EU without an implementation period. This consultation paper proposes further changes that may need to be made to the FCA Handbook and BTS. These include amendments to reflect the temporary permissions regime, new credit rating agency (CRA) regime, and trade repository regime. CRAs in EU are regulated under the CRA Regulation and are supervised by ESMA. The Treasury intends to amend the legislation to make FCA the supervisor responsible for CRAs registered under the UK regime. FCA is also consulting on guidance on how non-Handbook guidance should be interpreted after Exit day and on the approach to forms that appear in the Handbook. In particular, CP18/36 covers the following topics:

  • Chapter 2 discusses a range of cross-cutting issues which span our Handbook and BTS and the proposed FCA approach to these. This includes further issues identified since publication of the first CP.
  • Chapter 3 explains the Handbook proposals covered in this consultation (except those related to the introduction of the temporary permissions regime and the new credit rating and trade repository regimes). This includes an explanation of the more significant changes FCA is proposing, including those related to the prudential standards addressing proposals related to contractual recognition of bail-in.
  • Chapter 4 sets out certain proposals about the temporary permissions regime, which were previously described but not consulted on in CP18/29.
  • Chapter 5 outlines the changes FCA proposes to make to BTS. An explanation of the FCA approach to BTS was included in the first consultation.
  • Chapter 6 summarizes the FCA approach to forms and the guidance FCA proposes to issue on this.
  • Chapter 7 outlines changes because FCA will take on regulating credit rating agencies and trade repositories.
  • Chapter 8 summarizes the proposed approach to non-Handbook guidance issued by FCA and the guidance FCA proposes to issue on this. FCA expects proposals in this chapter to be of interest to CRAs and trade repositories.

 

Related Links

Comment Due Date: December 21, 2018

Keywords: Europe, UK, Banking, Insurance, Securities, CP18/36, Brexit, CRA Regulation, Temporary Permissions Regime, FCA Handbook, FCA

Related Insights
News

US Agencies Propose Derivative Counterparty Credit Exposure Framework

US Agencies (OCC, FED, and FDIC) proposed to implement a new approach for calculating the exposure amount of derivative contracts under the regulatory capital rule.

December 17, 2018 WebPage Regulatory News
News

HKMA Announces Intention to Consult on Updated BCBS Disclosure Rules

HKMA announced that it will consult the industry in due course on the relevant implementation proposal to give effect to the disclosure requirements of the December 2018 package by BCBS.

December 17, 2018 WebPage Regulatory News
News

HKMA Issues and Revises Reporting Forms Under the IRRBB Framework

HKMA issued a revised version of the Supervisory Policy Manual (SPM) IR-1, with an updated title “Interest Rate Risk in the Banking Book” (IRRBB).

December 14, 2018 WebPage Regulatory News
News

EBA Single Rulebook Q&A: Second Update for December 2018

EBA published answers to six questions under the Single Rulebook question and answer (Q&A) updates for this week.

December 14, 2018 WebPage Regulatory News
News

OSFI Proposes Changes to Guideline on Large Exposure Limits

OSFI proposed revisions to the Guideline B-2 on Large Exposure Limits, for implementation in the first quarter of 2020.

December 13, 2018 WebPage Regulatory News
News

BCBS Consults on Disclosure Rules for Leverage Ratio Window-Dressing

BCBS published a consultative document on revisions to the leverage ratio disclosure requirements to address the leverage ratio window-dressing behavior.

December 13, 2018 WebPage Regulatory News
News

PRA Updates the Policy on Approach to Systemic Risk Buffer

PRA published the final Statement of Policy on the PRA approach to the implementation of the systemic risk buffer (SRB), as proposed in the consultation paper CP29/18.

December 13, 2018 WebPage Regulatory News
News

EP Report Examines Financial Supervision and Regulation in US

European Parliament published a report that provides a concise overview of the Dodd-Frank Act, the challenges of its implementation, and efforts to roll back the Act, in large part due to what are viewed to be vague and impractical provisions.

December 12, 2018 WebPage Regulatory News
News

FED Proposes to Revise Several Reporting Forms Including FR Y-9C

FED proposed to extend for three years, with revision, the FR Y-9, FR Y-7N, FR Y-11, and FR 2314 family of reports, in addition to the forms FR 2886b, FR Y-8, FR 2248, FR 2320, FR 2644, and FR 2886b.

December 12, 2018 WebPage Regulatory News
News

EBA Finalizes Guidelines on the STS Criteria in Securitization

EBA published the final guidelines that provide a harmonized interpretation of the criteria for a securitization to be eligible as simple, transparent, and standardized (STS) on a cross-sectoral basis throughout EU.

December 12, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2340