“STABILITY AND CONSISTENCY”: PRA SETS OUT PROPOSALS FOR POST-BREXIT APPROACH TO INTERNATIONAL BANKS

The PRA has published a consultation paper (CP2/21) setting out proposals for its updated approach to supervising the UK activities of banks and PRA authorised investment firms that are headquartered outside of the UK or part of a non-UK group. The consultation paper includes a draft supervisory statement to supersede the existing PRA Supervisory Statement 1/18 (the PRA’s current supervisory statement on its approach to supervising international banks). Read more

EU introduces global human rights sanctions regime

On 7 December 2020, the Council of the EU announced the introduction of a new global human rights sanctions regime, as part the EU Action Plan on Human Rights and Democracy 2020-2024. The new regime introduces a framework to impose a travel ban and asset freeze on individuals and entities identified as responsible for, involved in or associated with, serious human rights violations and abuses worldwide. Read more

Corporate Crime update – November 2020

Welcome to the November 2020 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. Read more

ESMA confirms EU’s hardline stance to MiFIR Derivatives Trading Obligation post-Brexit

In a frustrating twist to the dangerously slow-moving narrative on cross-border financial market access post- Brexit, ESMA yesterday (25 November) issued a public statement confirming the EU's hardline stance to the derivatives trading obligation (DTO) under MiFIR.  The DTO requires EU investment firms to trade certain classes of derivatives only on EU-authorised trading venues – or third country trading venues certified by the European Commission as equivalent. No such equivalence decision has been made or signalled by the EU for purposes of the DTO – and ESMA's latest statement declines to offer any forbearance or similar relief to EU firms currently using UK venues for this purpose. Read more