With Brexit done, UK negotiators are now striving to reclaim some access to EU financial markets: an ambitious goal, according to some, and one in which the benefits may be overstated.
Europe
Euroclear’s UK CSD given temporary recognition by ESMA
Euroclear UK & Ireland will be recognised as a third-country central securities depository when the UK’s transition period out of the EU ends on December 31, 2020, the European Securities and Markets Authority said in a statement.
UK banks allowed to restart dividends as vaccine is rolled out
The UK’s Prudential Regulation Authority (PRA) is allowing UK banks to resume dividend payments after finding that they had shown resilience during the Covid-19 pandemic and could withstand even more extreme economic conditions.
AMF chair calls for new approach to regulating fund management sector
The growth and internationalisation of the fund management industry has raised new challenges calling for a new approach towards regulating it, said the chair of French markets regulator, Autorité des marchés financiers (AMF), which could have implications for cross-border business.
UK banks in good shape to face more economic pain says FPC
The UK’s banking system remains resilient and can cope with even more severe economic conditions while supporting businesses and households, the Bank of England’s Financial Policy Committee said in a statement.
UK taking back control of financial services as it targets new markets
As the UK draws to the end of the transition period with the EU, it is setting out its plans for how its financial services will work from 2021. By Justin Pugsley
Expect 2021 to be a busy year for European regulation
A decade on from the sweeping regulatory reforms, which were launched in response to the financial crisis, the next waves of reform are appearing on the horizon. By Joe McHale, head of European Government and Regulatory Affairs at Bloomberg LLP
EU remuneration rules to trigger tough conversations with senior bank staff
New regulations imposed by the European Banking Authority in December are going to lead to “difficult conversations” with their senior bank staff. By Victor Smart
Has Russia beaten ‘boom and bust’ in banking?
Like most of the rest of the world, the Russian economy was plunged into deep recession by the Covid-19 pandemic, but unlike in previous crises, its banking system did not buckle suggesting, the cycle of violent financial booms and busts may have been vanquished.
Swiss CBDC experiment reveals promise as well as concerns
Switzerland has conducted a successful experiment with a wholesale central bank digital currency (CBDC), which looks promising in terms of delivering potential efficiencies, but revealed some governance and policy concerns
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