UK/EU Investment Management Update (August 2020)
Equivalence for UK MiFID investment firms very unlikely
On 9 July 2020, the European Commission (the Commission) published a Communication on readiness at the end of the transition period between the European Union and the United Kingdom (the Communication).
Deadline extension of SMCR implementation for solo-regulated firms
On 17 July 2020, the FCA announced the beginning of a consultation on the proposed delay of the deadline by which solo-regulated firms must make changes to assess the fitness and propriety of certified staff under the Senior Managers & Certification Regime (SMCR). The deadline is proposed to be delayed from 9 December 2020 until 31 March 2021 to allow more time for firms significantly affected by the COVID-19 pandemic to make the necessary changes.
UK amendments to the PRIIPs Regulation
On 30 July 2020, HM Treasury published a policy statement on the UK’s proposed approach to amending the UK’s “onshored” PRIIPs Regulation to avoid consumer harm and provide the appropriate certainty to industry once the UK ceases to be bound by the EU regime.
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