Any planning must take into account how relevant forthcoming legal and regulatory changes are likely to affect the firm. The U.K. remains an EU Member State until the point of exit from the EU and, as a Member State, remains bound by EU law and regulation. The U.K. is also committed to implementing "pipeline" EU reforms that come into effect prior to EU withdrawal1.
Depending on its particular activities, a firm's contingency planning must take into account the impact of key pipeline reforms, including those outlined in the table below.
Footnotes
1 See FCA Statement following UK referendum result, June 24, 2016, available at: < href="https://www.fca.org.uk/news/statements/statement-european-union-referendum-result"target=_blank>https://www.fca.org.uk/news/statements/statement-european-union-referendum-result.
2 FSB published Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution: Total Loss-absorbing Capacity (TLAC) Term Sheet in November 2015, available at: http://www.fsb.org/wp-content/uploads/TLAC-Principles-and-Term-Sheet-for-publication-final.pdf.
3 The draft proposals for amendments to CRDIV were published by the European Commission in November 2016, available at: http://ec.europa.eu/transparency/regdoc/rep/1/2016/EN/COM-2016-854-F1-EN-MAIN.PDF.
4 Minimum Requirement for own funds and Eligible Liabilities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
