GB - FCA and European regulations
On 23 June 2020, the Financial Conduct Authority (FCA) informed on a Written Ministerial Statement which was presented to Parliament further confirming the UK approach to on-shoring the European Market Infrastructure Regulation (EMIR) and EMIR REFIT. The statement confirmed that the UK will create legislation to bring into UK law the remaining EMIR REFIT requirements that will apply in the EU after the end of the Transition Period. These are:
- Requirements for firms who offer clearing services to do so on fair, reasonable and non-discriminatory and transparent commercial terms (FRANDT requirements)
- Requirements for Trade Repositories (TRs) to have policies and procedures in place to reconcile and validate the data reported to them and for the orderly transfer of data to other trade repositories (TR requirements)
The same day, the FCA informed Parliament that UK will not implement the CSDR Settlement Discipline Regime and the SFTR reporting obligation for non-financial counterparties.