No agreement on financial services
The UK Chancellor, Rishi Sunak, has given up on getting an agreement on financial services with the EU. He says that there are ‘many areas’ where the EU will not assess UK requests for equivalence. He has set out how EU financial firms can operate in the UK next year.
Substance abuse in Ireland
The CBI’s CP86 review has a blunt and unequivocal message for Irish management companies: many need more substance. The CBI says it will be checking to make sure substance shortcomings it has identified have been corrected.
The EU’s regulatory pile up
The Commission has agreed to delay EU disclosure rules for ESG funds. These complex rules are likely to become effective in January 2022. Some say they will do little good. But they will add to the regulatory pile up coming to the industry in 2021.
Brexit: the last chance saloon
The EU-UK Brexit negotiations are in the last chance saloon. If there’s no breakthrough in the next few days Boris Johnson has said the UK will walk away from the talks. No deal would be massively disruptive in financial services and elsewhere.
Regulatory limbo land
Rules surrounding the governance of funds in cross-border jurisdictions are in limbo. This second wave of Covid-19 means that rule suspensions from last spring, now expiring, will have to be extended. This may cause a tax and regulatory nightmare.