UK post-Brexit reform: Financial Services Act 2021

On 29 April 2021, the Financial Services Act 2021 received royal assent. The Act is a milestone in implementing the UK Government’s wider Future Regulatory Framework initiative and represents the first major step towards HM Government’s objective of maintaining the competitive position of the UK financial services industry whilst capitalising on new opportunities following the end of the Brexit transition period. Read more

Investment firms take note: FCA publishes second IFPR consultation

On 19 April 2021, the FCA published CP 21/7: ‘A new UK prudential regime for MiFID investment firms’. This Consultation Paper (CP) introduces the FCA’s second tranche of proposed rules to introduce the Investment Firm Prudential Regime (IFPR) in the UK.  Firms following the progress of the reforms will recall that this latest consultation follows CP20/24: ‘A new UK prudential regime for MiFID investment firms’ (December 2020), covering the first tranche of proposed new rules, including overall scope of application of the regime, and certain components of the own funds and reporting requirements. Read more

MAS proposes to extend cross-border business exemption to foreign head offices and branches

On 15 March 2021, the Monetary Authority of Singapore (MAS) issued a consultation paper inviting comments on the proposed exemption framework (Branch Framework) for cross-border business arrangements between financial institutions in Singapore (Singapore FIs) which are head offices or branches (Singapore Offices) and their respective foreign branches or head offices (Foreign Offices). Read more