FS weekly highlights—7 February 2019

FS weekly highlights—7 February 2019

In this issue

 

Brexit

Financial Conduct Authority updates

European Securities and Markets Authority updates

Prudential requirements

Regulatory architecture

Authorisation, approval and supervision

Risk management and controls

Financial crime

Enforcement and redress

Markets and trading

MiFID II

Regulation of derivatives

Regulation of capital markets

Investment funds and asset management

Banks and mutuals

Consumer credit, mortgage and home finance

Insurance and pensions

Payment services and systems

Sustainable finance

Dates for your diary

 

Brexit

 

BoE and ESMA agree MoUs on CCPs and CSD

The European Securities and Markets Authority (ESMA) agreed memoranda of understanding (MoUs) with the Bank of England (BoE) for the recognition of central counterparties (CCPs) and the central securities depository (CSD) established in the UK, that would take effect should the UK leave the EU without a withdrawal agreement—a no-deal Brexit scenario. ESMA previously communicated, in its public statements of 23 November and 19 December 2018, that its board of supervisors supports continued access to UK CCPs and to the UK CSD, in order to limit the risk of disruption in central clearing and to avoid any negative impact on the financial stability of the EU. It will also allow the UK CSD to continue to serve Irish securities, and to limit the risk of disruption to the Irish securities market.

FCA agrees no-deal Brexit

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.