UK financial regulator Financial Conduct Authority (FCA) has published two consultation papers, setting out its proposals in the event the UK leaves the European Union on March 29, 2019 without an implementation period - i.e., a so-called 'Hard Brexit'. It also set out its approach to the regulation of Credit Ratings Agencies, Trade Repositories and…
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However, the FCA noted that there is no reciprocal “TPR” arrangement from the EU, for UK firms looking to continue doing business with EEA clients. How might this temporary permissions regime look? What else is concerning the FCA at this stage, less than nine months before a Hard Brexit might take hold? The full text of Nausicaa…
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The Financial Conduct Authority (FCA) has just informed the public that it welcomes the agreement reached on the terms of an implementation period that will apply following the UK’s withdrawal from the European Union, as part of Brexit. The implementation period is intended to operate from 29 March 2019 until the end of December 2020,…
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It looks like London's Retail FX brokers and financial institutions can breathe easy. At least for now. UK financial regulator the FCA issued a statement this afternoon, indicating that it expects the UK will remain within the MiFID license passporting system after Brexit is implemented, allowing financial services companies (such as FX brokers) to receive…
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U.K. financial services firms will definitely not be able to carry on business as normal within the European Union (EU) after it leaves the bloc, according to Luc Frieden, who has held several portfolios within the Luxembourg cabinet over the past few decades. In an interview for CNBC on Friday in Luxembourg, Luc Frieden commented:…
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Cyprus financial regulator CySEC has issued a circular to CIF licensed brokers on the island regarding the new rules recently enacted in Spain for forex and binary options trading. As was reported at LeapRate back in late March, Spanish regulator CNMV issued new rules for brokers who offer leverage of more than 10x to Spain-based…
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Cyprus financial regulator CySEC, as part of its crackdown on the operations and business practices of licensed Forex, CFD and Binary Options brokers which operate in the country, has issued a new Circular entitled "Freedom to provide investment and ancillary services and/or perform investment activities in a third country." In the Circular signed by CySEC…
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For those in the European or UK Forex, CFD and retail financial services industry hoping for some form of license passporting to remain in place as part of Brexit, it doesn't look like you'll get your wish. UK financial industry lobby group TheCityUK, put together by a number of the UK's leading banks and financial…
Read moreOne of the key concerns of the Retail Forex sector when it comes to the uncertainty surrounding Brexit is: Will EU regulated brokers be able to continue to passport their regulation into the UK? A similar concern of UK-based, FCA regulated brokers is: Will we be able to continue to serve EU based clients, without…
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