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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 having implemented EU financial services legislation but having stated it would diverge in defined areas...

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 regime: FCA update for end of transition period MiFIR: Implementing Decision amending earlier Decisi...

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. Belgium's share presently amounts to a total of 22.4 million vaccines. Purchasing and administering the ...

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 (the " EDPB") and the EU Commission which should be considered in tandem and are detailed below. Ba...