EEA UCITS operators take note: the Overseas Funds Regime to start by the end of 2026

Last week, the government announced its first equivalence decision under s271A of the Financial Services and Markets Act 2000 (FSMA), finding the EEA states to be equivalent under the Overseas Funds Regime (OFR). The equivalence decision will apply to undertakings for collective investment in transferable securities (UCITS), except those which are also Money Market Funds (MMFs), as there is ongoing regulatory development in this area. Read more

SVB UK resolution – where did the powers come from?

At 7am on 13 March 2023 Silicon Valley Bank UK Limited ("SVB UK"), the UK subsidiary of the US bank, was sold to HSBC UK Bank Plc ("HSBC") for £1. The use of these resolution powers was exercised under the Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument which came into force at 7am on 13 March 2023. We set out in this post a high-level overview of the powers exercised and what they mean. Read more

PRA Dear CEO letter to firms on operational readiness for TPR

As the end of the Brexit transition period approaches, the PRA has published a letter from Sam Woods, Deputy Governor for Prudential Regulation and CEO of the PRA, to CEOs of all PRA-regulated firms preparing for the end of the transition period and for entering the Temporary Permissions Regime (TPR). The letter stresses the need for firms to be operationally prepared to enter the TPR and to ensure that they are able to meet the PRA’s regulatory requirements once they are in the TPR. The transition period is due to end at 11pm on Thursday 31 December 2020 at which point the TPR will take effect. Read more