The FMLC has also drawn attention to the possible overlap of the new regime for stablecoins with the existing regime under the E-Money Regulations.
Tag: HM Treasury
Response to Consultation: Supporting the wind-down of critical benchmarks: 15 March 2021
The Committee has expressed the view that safe-harbour legislation would address the worst-case risks of frustration, avoidance or force majeure termination which, although they may have only a small chance of crystallising, would be potentially significant in their impact owing to the systemic importance of market standard terms.
Letter to HM Treasury: Financial Services Bill 2019-21: 13 January 2021
On 21 October 2020, HM Government published the Financial Services Bill 2019-21 (the “Bill”). The Bill amends the U.K.’s existing legislative framework for financial services in 17 distinct areas, addressing […]
Response to Call for Evidence: Payments Landscape Review: 20 October 2020
The Call for Evidence sets out HM Government’s aims for payment systems and payments networks in the U.K. and seeks responses to questions relating to future opportunities and risks for new payments systems and cross-border payments as well as how regulators may adapt to and
promote new payment networks. The FMLC has submitted a response.
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 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.
Letter to HM Treasury: Article 59 of BRRD II: 20 November 2019
The Bank Recovery and Resolution Directive (2014/59/EU) (the “BRRD”) was amended by Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 (“BRRD II”), which […]
Letter to HM Treasury: Financial Services (Implementation of Legislation) Bill: 23 October 2019
The Financial Services (Implementation of Legislation) Bill provides the power to HM Treasury, in the event no deal is agreed between the U.K. and the E.U., to implement and make changes to a category of legislation which the Bill describes as “in-flight”. These are pieces of E.U. financial services
Letter to HM Treasury: Review of EMIR Implementing Regulations: 15 August 2019
HM Treasury is conducting a review The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 which had implemented EMIR in the U.K. The review might propose changes to Part VII of the Companies Act 1989.
“Onshoring” Statutory Instruments Comment Series: Securitisation: 29 March 2019
The draft Securitisation Amendment (EU Exit) Regulations 2019 will ensure that the new securitisation regime, as set out in Regulation (EU) 2017/2402 laying down a general framework for securitisation and […]