Page 10 - Implementing Decision News Today

Implementation of New Standard Contractual Clauses Friday, March 5, 2021 On 12 November 2020, the European Commission (Commission) published a draft Implementing Decision on standard contractual clauses for the transfer of personal data to third countries pursuant to the EU General Data Protection Regulation (GDPR) along with its draft set of new standard contractual clauses (the New SCCs). Background: Restricted Transfers Under GDPR The GDPR primarily applies to controllers and proce...

SPE14120 - Specific rules and processes relating to Outward Processing: legal basis for transition from paper INF to electronic INF data elements (NI ONLY) You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals. Notes: From  01st June 2020 UK trader must use the EU Customs Trader Portal to submit INFs for customs special procedures https://www.gov.uk/guidance/using-customs-special-procedures Article 23 (4) of th...

On 27 January 2021, the European Commission adopted an equivalence decision 1 determining that the legal and supervisory arrangements applicable to US central counterparties (CCPs) registered with the Securities and Exchange Commission (SEC) as “covered clearing agencies” (CCAs), are equivalent to the requirements in Title IV of the European Market Infrastructure Regulation (EMIR). 2 The equivalence decision applies in relation to transactions in securities and derivative contracts that are...

CCP Recovery and Resolution Regulation BMR: Council of EU text of proposed amending Regulation to address benchmark cessation risks and exempt certain third-country FX benchmarks CSDR: Delegated Regulation on RTS on settlement discipline postponed EMIR: European Commission adopts Delegated Regulation on rules of procedure for penalties imposed on third-country CCPs EMIR: Implementing Decision on equivalence of US SEC regime EMIR: European Commission adopts Delegated Regulation on procedure for ...

Thursday, January 7, 2021 31 December The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have. 30 December In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021. 28 December The Prudential Regulation Authority ("PRA") published a policy statement (PS29/20) ...

With the UK and EU having announced the breakthrough on its Trade and Cooperation Agreement ( TCA) the next steps for financial services firms will be if policymakers will turn to granting a decision on equivalence for a “third country”. From January 1, 2021, the UK will, following the end of the Brexit-transition period and the TCA, be treated by the EU as a “third country”. The EU has been reluctant to indicate whether it would grant an equivalence decision irrespective of the UK havi...

To embed, copy and paste the code into your website or blog: Recent regulatory developments of interest to financial institutions and markets. Includes updates from the UK FCA, the European Commission and the ESMA, among others. Also check our Related Materials links. Contents EU SRR: ESMA COVID-19 temporary notification threshold Mass-marketing of speculative illiquid securities: FCA PS20/15 confirms permanent ban Cryptoasset businesses: FCA temporary registration regime UK MiFIR transparency ...

Introduction In contrast to the United Kingdom, which approved its first COVID-19 vaccine on 2 December 2020 and subsequently began administering it on 8 December 2020, Belgium is following the lead of the European Commission and the European Medicines Agency (EMA) with respect to its COVID-19 vaccine strategy. The European Commission, on behalf of EU member states, has already concluded six advance purchase agreements with vaccine suppliers for a potential total of almost 2 billion doses. Belg...

Introduction In our October 2020 advisory, we highlighted the uncertainty in respect of data transfers between the EU and UK from the end of the Brexit transition period on 31 December 2020 (the " Transition End Date"). Against this backdrop, there have been a number of developments in recent weeks with regard to the obligations of EU-based organisations transferring data to third countries. These developments include the publication of new draft measures from the European Data Protection Board...