FinBrief – Global finance updates
DLA Piper's global hub for updates and discussion on the legal issues important to finance and markets and their regulation

Category: UK

FCA announces extension to its use of the Temporary Transitional Power

On 25 July 2019, the FCA confirmed its intention to extend the proposed duration of directions issued under the Temporary Transitional Power (TTP) to 31 December 2020. The TTP is designed to minimise disruption in the event the UK leaves the EU without a withdrawal agreement by giving firms the time they need to phase […]

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EBA publishes further clarifications raised by its working group on APIs under PSD2

On 26 July 2019, the European Banking Authority (EBA) published its clarifications to the fourth set of issues that had been raised by participants of its Working Group on Application Programming Interfaces (APIs) under the revised Payment Services Directive (EU) 2015/2366 (PDS2). In January 2019, the European Banking Authority (EBA) established the Working Group to […]

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ESMA publishes Report on the Licensing of Fintech Business Models

On 12 July 2019, the European Securities and Markets Authority (ESMA) published a Report on the status of licencing regimes of Fintech firms across the European Union (Report). For Fintech firms seeking to operate throughout the European Union (EU), navigating the complex framework of regulatory requirements across Member States is a continuing challenge. The Report […]

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FCA proposes ban on sale of crypto-derivatives to retail consumers

On 3rd July 2019, the FCA published Consultation Paper CP19/22 proposing a ban on the sale of crypto-derivatives to retail consumers (Consultation). This fulfilled the commitment it had made to explore such a ban in the UK Cryptoasset Taskforce Final Report in October 2018. The Consultation proposes to ban the sale, marketing and distribution to […]

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EU banks approaching a cliff edge

Readers may remember (see FinBrief: “LCR vs CMU: EC scores an own goal?“) that the LCR Delegated Act was amended in 2018 to align with the Securitization Regulation. This applies from 30th April 2020 and, once it does, only STS assets will qualify as “high quality liquid assets” for the purposes of the LCR.  Because […]

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FCA sets out reasons for acting contrary to ESMA Opinion on its final rules for CFDS and CFD-like options

On 1 July 2019, the Financial Conduct Authority (FCA) published Policy Statement PS19/18 (PS19/18) which confirmed rules restricting the sale, marketing and distribution of contracts for difference (CFDs) and CFD-like options sold to retail consumers. In response to PS19/18, on 2 July 2019, the European Securities and Markets Authority (ESMA) published an Opinion concluding that […]

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Global Financial Innovation Network publishes its ‘One Year On’ report

In June 2019, the Global Financial Innovation Network (GFIN) released its ‘One Year On’ Report, reflecting on its first year of operation (the Report). The GFIN is an international network of financial services regulators and relevant organisations, designed to support regulatory collaboration and cross-border testing of innovative products and technologies in the financial sector. You […]

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FCA confirms permanent restrictions on the sale of CFDs and CFD-like options to retail consumers

On 1 July 2019, the Financial Conduct Authority (FCA) confirmed rules restricting the sale, marketing and distribution of contracts for difference (CFDs) and CFD-like options sold to retail consumers. This follows a previous  FCA announcement on 26 April that delayed the publication of a Policy Statement and any final FCA Handbook rules until the FCA […]

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