Temporary Transitional Power News Today

Market participants mull the impact of the end of the transitional relief for onshoring post-Brexit changes in UK regulation

While efforts to create a consolidated tape tend to dominate recent market structure conversations, regulators and market participants also stress the urgent need to improve data standards

The UK’s Temporary Transitional Power (TTP) that allowed firms time to adapt to the new requirements following the UK’s withdrawal from the European Union on 31 December 2020, is ending...

The end of the UK FCA’s Temporary Transitional Power (TTP) is on 31 March 2022.

On 31 January 2020, the UK ceased to be a member of the EU. Following a transition period, EU law ceased to be applicable in the UK with effect from 11 p.m. on 31 December 2020.

The application of the Financial Conduct Authority’s and Prudential Regulation Authority’s (PRA) Temporary Transitional Power (TTP) will end on 31 March. FCA and PRA authorised firms must ensure that they comply with all 'onshored' EU legislation by this date.

United Kingdom: HM Treasury consults on regulatory approach to cryptoassets and stablecoins On 7 January 2021 HM Treasury (HMT) published a combined consultation paper and call for evidence on the regulatory approach to cryptoassets and stablecoins. In outline, the consultation proposes: A policy approach that would involve specific requirements being implemented by independent regulators (e.g. via rules or codes of practice) within a wider framework of objectives and considerations set out by ...

Brexit Please see the other sections for product-specific updates relating to Brexit. Please see our Brexit financial services webpage which contains, amongst other things, tables detailing Brexit statutory instruments, equivalence decisions, EEA transitional regimes and UK regulators’ publications.  FCA and PRA on passporting in and out of Gibraltar after the transition period On 31 December, the FCA published a new webpage on Gibraltar passporting arrangements, with the PRA publishing its ...

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) ...

[co-author: Nazia Sohail] Summary Diverging approaches to Share Trading Obligations from the FCA and ESMA pose challenges for investment firms in a post-Brexit Europe. With 1 January 2021 creeping closer and the hope of securing an effective Brexit deal seemingly drifting ever further away, there is continued ambiguity when it comes to the future of financial services across Europe. How the Share Trading Obligation (“ STO”) will operate in practice in a post-Brexit world is no exception to ...