The FMLC has submitted a response drawing attention to the divergence in relation to international standards on sustainability-related disclosure requirements, which creates uncertainty in relation to reporting obligations vis-à-vis cross-border investment activities. There is also some divergence across EU law in relation to disclosure obligations set out under the SFDR, the Non-Financial Reporting Directive and the Taxonomy Regulation.
Tag: 2020
Response to European Commission Consultation: Action plan for a policy on preventing money laundering: 26 August 2020
The European Commission has launched a public consultation to gather stakeholder views on the possible enhancements to the E.U. anti-money laundering/countering the financing of terrorism framework. The FMLC would like to draw attention to two areas.
Letter to Ministry of Justice: Departure from retained E.U. case law: 12 August 2020
The Ministry of Justice is consulting on whether to extend the power to other courts and tribunals and, if so, which test should be applied and factors considered in any decision by a court or tribunal to depart from retained E.U. case law.
Letter to HM Treasury: Transposition of BRRD II: 11 August 2020
HM Treasury has published a Consultation on the transposition of BRRD II, which, it has stated, concerns those parts of BRRD II that come into effect before the end of the Transition Period.
Response to European Commission Consultation: A New Digital Finance Strategy: 26 June 2020
In Q3 2020 the European Commission is scheduled to propose a new Digital Finance Strategy/FinTech Action Plan that sets out a number of areas that public policy should focus on in the coming five years. A Consultation designed to gather stakeholders’ views on policies to support digital finance, which will inform that strategy, was published in April 2020.
Response to Consultation: Overseas Funds Regime: 11 May 2020
In March 2020, HM Treasury published a Consultation (the “Consultation”) on a proposal for an Overseas Fund Regime (the “proposed OFR”), which will establish a new process to allow investment funds domiciled overseas to access the U.K. market, with the objective of replacing the existing regime.
Response to European Commission Consultation: Framework for Markets in Cryptoassets: 17 March 2020
The FMLC has drafted a response to the Consultation in the form of two complementary reports. Part I comprises comments on the classification of cryptoassets. Part II comprises comments in response to the section of the Consultation dealing with cryptoassets which fall within the E.U. regulatory perimeter.
Response to European Commission Roadmap: Preventing and Combating Money Laundering and Terrorism Financing: 3 March 2020
On 24 July 2019, the European Commission adopted a Communication to the European Parliament and the Council which observed that, although many risks and shortcomings in the regulatory framework for anti-money laundering and preventing terrorist financing had been addressed, structural shortcomings remained.
Response to Consultation: Changes to the Trust Registration Service under the Fifth Money Laundering Directive: 21 February 2020
While certain sections of 5MLD have already been implemented in the U.K., changes required by 5MLD in respect of the registration of the beneficial ownership of trusts have not yet come into force. HM Treasury and HM Revenue and Customs are now jointly consulting on this aspect of the regime.