Single Rulebook Talks to the Financial Conduct Authority and the Dutch Authority for the Financial Markets
We were delighted to host Stephen Hanks and Matthijs Geneste from the Financial Conduct Authority (FCA) and Dutch Authority for the Financial Markets (AFM) on 17th February. The session, moderated by Wim Nelen of Single Rulebook, centred on the evolution of the UK and EU rulebooks in a post-Brexit world and both a recording and transcript of the session are available.
Aimed at Legal and Compliance professionals, the webinar covered the principle of working with dual rulebooks across two regulatory regimes and how they relate to each other. Importantly, for those working with regulatory text on a daily basis, the discussion also included the practicalities of locating existing Level 1 regulation, Level 2 delegated acts and Level 3 guidance from ESMA with the corresponding regulatory text in the new UK Handbook.
Despite the added complication of Covid-19, the Brexit transition, including the preceding preparations, contingency plans and the increase in regulatory approvals of firms by EU regulators, went smoothly. And so now, regulated firms are asking the question what next; what direction will the UK and EU rulebooks take over the coming 12-18 months? While it is very likely that there will be changes by ESMA to Q&As and Guidelines, how aligned will the UK rules remain in future and is the US-EU model of equivalence one that can be replicated for the UK and EU? While some of these matters are yet to be determined, we discuss them all in our discussion with the FCA and AFM.