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We just need to get you Tigger-ized

The UK Govt. Taskforce on Innovation, Growth and Regulatory Reform (TIGRR) published its report 16 June 2021. While it bears no formal relationship with the much beloved AA Milne, possibly later lamented Disney character, the acronym is obviously too tempting- “It’s a dangerous path I bounce… but I bounce it alone. Because the Hundred Acre […]

MiFID II- FCA cancels BestEx reporting and rationalises Research Rules

The FCA has issued proposals to partially reverse MiFID II research and best execution requirements. Consultation paper CP 21/9 follows the OJ publication of the EU’s MiFID “Quick Fix”, which went some way to addressing criticism of Research and BestEx rules; the FCA proposals go further, representing a further instance of UK-EU divergence. Best Execution […]

Mind the Gap- UK to ditch MiFID 2 STO

The Regulatory gap between the UK and the EU underwent some widening yesterday with the Chancellor’s indication that the UK will drop the share trading obligation (STO) and double volume cap (DVC). The somewhat stealthy announcement formed part of Rishi Sunak’s speech at the opening of UK FinTech Week. The short speech focussed on various […]

Brexit UK JMP Stay Protocol published

As expected, ISDA has yesterday opened the 2020 UK (PRA Rule) Jurisdictional Module Protocol (UK Module) for adherence. The new UK Module joins its stablemates as part of the ISDA Resolution Jurisdictional Modular Protocol, replacing the previous 3 May 2016 UK (PRA Rule) Module with a shiny, new Brexit-ed version. At the expiry of the […]

Last minute RTS to be rushed through

The just in time legislative supply chain seems to be still working in the EU. On 21 December, the Commission adopted the two Delegated Regulations amending EMIR Regulatory Technical Standards. The EC have published the RTS today: The Draft Revised Margin RTS (Margin RTS) The Draft Revised Clearing Obligation RTS (Clearing RTS) A quick refresh […]

UK EMIR- tomAto tomAHto

This year’s “transition” period has inevitably devolved into a slow game of “Chicken”- it’s yet to be seen whether it will result in a complete car crash. Whatever the extension/shadow deal/no deal final outcome; the City and financial services have been excluded from consideration. Absent any imminent prospect of equivalence decisions; ISDA has yesterday published […]

BRRD 2 Brexited

It’s still early (if seemingly interminable) days, but Brexit bonuses seem to be thin on the ground. At least for UK banks, the disavowal of BRRD 2 may be of some comfort.  A recent article (paywalled) in Risk Magazine highlights upcoming UK-EU divergence around BRRD 2. The BRRD sequel comes into force on 28 December […]

Third (final) ESA report- brief Brexit novation window

On 23 November 2020, the Joint Committee of the European Supervisory Authorities (ESAs) published a third “final” version of its draft RTS making various amendments to EMIR margining requirements. The draft (re)introduces the following amendments: Levelling the international playing field: An extension of a further three years for the “temporary” exemption from margining requirements for single-stock […]

ESMA confirms DTO to continue post-Brexit

ESMA has this morning released a public statement confirming that the EU Derivatives Trading Obligation (DTO) will continue to apply after Brexit transition. The DTO under Article 28 of MiFIR requires firms to transact certain derivatives (essentially the most liquid, standardised contracts) on an EU trading venue, or that of a third country already judged […]

Bailey’s freshest tips for the Brexit Break-Up

Earlier this week, the Chief Executive of the FCA, Andrew Bailey provided us with a recent update about the current state of affairs regarding Brexit. As is fast becoming the norm in Bailey’s Brexit updates, he opened his speech with the progress that has been made thus far; the Temporary Transitional Power regime; the signing […]

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