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The draft FSMA regulations will make amendments to the financial services and markets act 2000 (“ FSMA“) and related legislation to ensure that the UK’s financial services framework continues to operate effectively in a “no deal” scenario. Desk com live chat the statutory instrument that will implement the regulations is still in development, but HM treasury has confirmed that it intends to lay it before parliament ahead of brexit, although the changes would not take effect on 29 march 2019 (“ exit day“) if there is an implementation period as part of the deal.

• part VII business transfers: FSMA provisions permitting transfers of insurance business from the EEA to the UK or from the UK to another EEA state will be revoked. Funny work desktop wallpaper this will be subject to a saving provision for firms who have already initiated a transfer (which will require the firms to have paid the PRA transaction fee and had an independent expert appointed before exit day).

• consequential amendments to regulated activity definitions, including in connection with the proposed “temporary permissions regime”: the regulations will make various amendments to definitions relating to regulated entities, activities and permissions, working in conjunction with the proposed temporary regime that will allow EEA firms operating in the UK via a passport to continue their activities for a limited period after exit day (see our separate blog post here).

This message has been consistent from the regulators. Shopbot desktop in october 2018, the FCA fined tesco bank £16.4m (which would have been £33.56m, but for early settlement and co-operation) following a cyber attack that exploited deficiencies in tesco bank’s financial crime controls and debit card payments systems. Hp deskjet 2132 scan the fine was issued for failing to exercise due skill, care and diligence in protecting its personal current account holders against a cyber attack – essentially a failure to ensure cyber resilience. Hp deskjet 2540 reset password in the FCA’s press release, mark steward, executive director of enforcement and market oversight at the FCA, said that the fine showed the FCA “has no tolerance for banks that fail to protect customers from foreseeable risks.” it can be assumed that the same approach would be taken with insurers.

While the increased use of technology can lead to vulnerabilities if it is not properly implemented, maintained and managed, it is also the case that firms are looking to technology to provide solutions and facilitate resilience. Desk com faq for example, third party cloud solutions may provide a more modern, secure and resilient infrastructure than a firm’s own legacy IT systems, as long as any risks of outsourcing are understood and managed.

The insurance market has argued against proposals for substantially changing recovery and resolution rules for insurers. Insurance europe, a trade body comprised of insurance associations, asserted current safeguards under solvency II are sufficient and that overhauling the current rules is unnecessary. See here for full comment by steven mcewan, partner at hogan lovells.

HM treasury has proposed a temporary permissions regime (“ TPR“) as a temporary measure to replace the passporting regime in schedule 3 and 4 of the financial services and markets act 2000 (“ FSMA“) in the event of a no-deal brexit. The legislative framework for the TPR is found in the EEA passport rights (amendment, etc., and transitional provision) (EU exit) regulations 2018 ( SI 2018/1149 ), enacted on 6 november 2018.

Under the TPR, EEA firms which currently operate in the UK under the FSMA passporting regime may, after exit day, be treated as if they had domestic authorisation under part 4A of FSMA to carry on the same regulated activities they currently carry on. Link desk the TPR is an opt-in regime: firms must, between 7 january and 28 march 2019, either make an application for authorisation under part 4A of FSMA or notify the relevant regulator.

In august, the financial conduct authority (“ FCA“) and the prudential regulation authority (“ PRA“) published papers outlining their approach to implementing the TPR. On 11 october 2018 the FCA published a consultation paper on the TPR for inbound firms and on 25 october 2018 the PRA published a similar consultation paper and an information webpage. Details of the proposed changes are described below. The FCA’s proposed changes will be relevant to both insurers and insurance intermediaries (“ firms“) unless specified otherwise, but the PRA’s proposed changes will only be relevant to insurers.