Brexit archive
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FIA and ISDA respond to HM Treasury’s CCP resolution consultation
Members of FIA and ISDA welcome HM Treasury’s proposals for an expanded resolution regime for UK central counterparties, which, due to the UK’s active participation and contributions, are mostly in line with international guidelines and are closely aligned with the EU’s CCP recovery and resolution framework.
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UK/EU – Rebuilding a relationship
The Brexit divorce was a long-drawn-out process which laid bare tensions over how best to oversee derivatives markets and enable continued cross border market access. The MoU between the UK and the EU is now complete but mutual equivalence appears a long way off.
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FIA joins other trade organizations to publish the UK version of the SFTR Article 15 Information Statement
The Association for Financial Markets in Europe (AFME), the Futures Industry Association (FIA), the International Capital Market Association (ICMA), the International Swaps and Derivatives Association, Inc. (ISDA) and the International Securities Lending Association (ISLA) have jointly published an updated statement that can be used to help market participants comply with Article 15 of the Securities Financing Transactions Regulation as it forms part of ‘retained EU law’ as defined in the European Union (Withdrawal) Act 2018 (UK SFTR).
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FIA issues joint letters on importance of linking UK ETS with EU ETS ahead of COP26
FIA recently released a joint paper urging the UK Government to start the process of linking the new UK Emissions Trading System (UK ETS) with the EU’s Emissions Trading System (EU ETS) as soon as practicable.
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New EU and UK prudential regimes for investment firms
In this webinar, a panel of experts discuss the new EU and UK prudential regimes for investment firms (EU IFR/IFD and UK IFPR).
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FIA comments on UK prudential regime for investment firms
FIA has submitted a response to the FCA consultation paper 20/24 on a new UK prudential regime for investment firms.
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Associations send letter to Commission on DTO equivalence
On December 9, FIA, ISDA and six other trades associations (the Association for Financial Markets in Europe, the Alternative Investment Management Association, the European Banking Federation, Electronic Debt Markets Association Europe, the European Venues and Intermediaries’ Association and the asset management group of the Securities Industry and Financial Markets Association) sent a letter requesting that the European Commission recognize the equivalence of UK trading venues for the purposes of the derivatives trading obligation before the end of the Brexit transition period.
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European Commission urged to issue equivalence determinations before end of transition period
On 30 November, FIA jointly with ISDA, AIMA, AFME, ICI Global, EBF and EFAMA submitted a letter recommending the European Commission to issue equivalence determinations under EMIR Art 2a before the end of the transition period, in order to ensure that EU firms can benefit from treatment similar to that available to firms established in the UK, avoiding unintended consequences that would have an impact on their risk management or investment activities.
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FIA welcomes the decisions by EC on time-limited equivalence and ESMA on UK CCP temporary recognition
FIA President and CEO Walt Lukken today made the following statement in reaction to the EC and ESMA decisions to formally grant temporary equivalence and recognition for clearinghouses based in the UK, which allow them to continue to provide clearing services in the EU at the end of the transition period between the EU and the UK.
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Brexit and its Impact on the Cleared Derivatives Markets: A Primer
The UK left the EU on 31 January 2020 and is in a transitional period that ends on 31 December 2020. During this period, EU law continues to apply in and to the UK and UK financial services firms continue to benefit from all existing EU rights, as do EU firms operating in the UK.
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