Preparation for entry into force of the Taxonomy
Regulation
Preparation for entry into force of periodic reporting
obligations and Level 2 Measures under the SFDR
The Cross Border Distribution Regulation sets down specific
conditions that all marketing communications addressed to investors
must comply with. These include an obligation to ensure that all
information contained in marketing communications is fair, clear
and not misleading and does not contradict or diminish the
significance of information contained in the fund prospectus. They
must also provide investors with a hyperlink to a summary of
investor rights. Marketing communications
18 will
also need to comply with ESMA s finalised guidelines on
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) on the implementation of the CRD V Directive (EU/2019/878) (
CRD V ).
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.
On 14 December 2020, the Financial Conduct Authority (“
FCA”) published the first out of three consultation papers on the implementation of the Investment Firms Prudential Regime (“
IFPR”) (CP20/24) in relation to a new UK prudential regime for investment firms authorised under the Markets in Financial Instruments Directive (EU/2014/65) (“
MiFID”).
The UK government announced in July 2020 (please also refer to our article on these announcements) that it supported the intended outcomes of the new European prudential regime, but that it will not implement the new European prudential regime which will be introduced by the Investment Firms Regulation (EU/2019/2033) (“
IFR”) and Investment Firms Directive (EU/ 2019/2034) (“
EBA publish final draft technical standards on the prudential treatment of investment firms Dettagli
, will
ensure a proportionate implementation of the new prudential framework for investment firms taking into account the different activities, sizes and complexity of investments firms.
With the entry into force of the Investment Firms Regulation (IFR) and Directive (IFD), most of the investment firms authorised under the Markets in Financial Instruments Directive (MiFID) will be subject to a new prudential regime, different and independent from the Capital Requirements Regulation (CRR) applicable today. With today’s submission, the EBA is preparing for a smooth introduction of the IFR/IFD, which is due to be applicable by mid-2021.
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