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.
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.
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.
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.
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.
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.
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.
Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (the “Solvency II Directive”) sets out regulatory requirements for insurance firms and groups, covering financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure. In February 2019,
On 3 October 2019, the European Securities and Markets Authority (“ESMA”) issued a Consultation Paper as part of a review of certain aspects of MAR. The FMLC submitted a response drawing attention to complexities in respect of two areas.