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Financial Services—Brexit—timeline [Archived]

Financial Services—Brexit—timeline [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. On 23 June 2016, the UK held a referendum on its membership of the EU, with a majority voting in favour of the UK leaving the EU. On 29 March 2017, the UK Prime Minister gave formal notification of the UK’s intention to withdraw from the EU, commencing the withdrawal process under Article 50 TEU. This timeline sets out key events, publications, and the next steps on Brexit relevant to financial services firms. 2024 Date Details 31 January 2024 UK Government Document: Financial Services and Markets Act 2023 (Commencement No 5) Regulations 2024SI 2024/250: Certain provisions of the Financial Services and Markets Act 2023 (FSMA 2023) come into force partly on 1 March 2024, partly on 1 August 2024, and fully on 1 January 2025. 31 January 2024 UK Government Document: Data Reporting Services Regulations 2024SI 2024/107: These Regulations are made in exercise of legislative powers under the Financial Services and Markets Act 2023 (FSMA 2023) in...

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Impact of Brexit: BRRD—quick guide [Archived]

Impact of Brexit: BRRD—quick guide [Archived] This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 (the BRRD SI), the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, SI 2020/1350 (the BRRDII SI), and other instruments with effect from the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also highlights key areas in which the UK has opted to diverge from the EU bank recovery and resolution regime following the end of the implementation period. For high-level information on the status of EU bank recovery and resolution legislation under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II [Archived]. Background: The...

PRA consultation paper tracker [Archived]

PRA consultation paper tracker [Archived] ARCHIVED: This Practice Note is archived and is no longer maintained. This tracker sets out the consultation papers published by the Prudential Regulation Authority (PRA) since 2017, along with the publication of any subsequent rules and guidance. For details of Financial Conduct Authority (FCA) and Financial Services Authority (FSA) consultation papers, see: • FCA consultation paper tracker • FSA consultation paper tracker 2023 Topic area Consultation Paper Description Publication date End of consultation period Policy Statement / Supervisory Statement Regulation of insurance CP24/23 – Funded reinsurance This consultation paper sets out proposed expectations in respect of life insurance firms entering into or holding funded reinsurance arrangements as cedants. The PRA’s proposals reflect its assessment that there are significant potential risks arising from increased use of funded reinsurance arrangements in the UK insurance industry, including the potential for excessive concentrated exposures to correlated, credit-focused counterparties. 16 November 2023 16 February 2023 Complaints, compensation and claims management CP22/23 – Occasional consultation paper...

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Under the new Electronic Communications Code, to what extent can a purchaser of land in Scotland rely on a termination notice served by the seller on an operator on the ground that the land will be redeveloped where it is the purchaser who will redevelop the land?

Under the new Electronic Communications Code, to what extent can a purchaser of land in Scotland rely on a termination notice served by the seller on an operator on the ground that the land will be redeveloped where it is the purchaser who will redevelop the land? The new Electronic Communications Code (the ‘Code’) is governed by, and set out in sections 106–119 and the new Schedule 3A to the Communications Act 2003 (CA 2003), inserted by section 4 and Schedule 1 to the Digital Economy Act 2017. The new Code (which was brought into force on 28 December 2017) replaces the previous Electronic Communications Code, set out in Schedule 2 to the Telecommunications Act 1984 as amended by CA 2003 (the ‘previous Code’). The new Code provides telecommunications operators with statutory rights to facilitate the creation and operation of their networks and aims to support the roll-out of digital technology such as 4G and superfast broadband. This Q&A assumes that there is a lease or agreement in place which is one...

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FCA’s broad proposals aim to protect customer funds

Law360, Expert analysis: The Financial Conduct Authority (FCA) is consulting on significant changes to the safeguarding requirements for payments firms, with the consultation closing in December 2024. The FCA's eventual goal is to replace the current safeguarding regime with a new one, influenced by existing client money rules that apply to authorised firms holding client money, the current account switch service, known as CASS. Written by Matt Hancock, shareholder at Greenberg Traurig LLP.

BoE ‘minded’ to extend RTGS and CHAPS settlement hours in a phased transition

The Bank of England (BoE) has published the responses it received to its February 2024 discussion paper on exploring longer operating hours for Real-Time Gross Settlement (RTGS). The discussion paper was part of the BoE’s Future Roadmap for the RTGS service. The response paper updates on the BoE’s current analysis and vision for the path ahead. Taking into account industry feedback and public policy considerations, the BOE has decided that there are clear public policy benefits from extending RTGS and CHAPS settlement hours, including to enhance cross-border payments, reduce settlement risk and liquidity costs, and to facilitate innovation and provide a better experience for customers in the evolving payments landscape. The BoE is therefore minded to extend hours.