Brexit Update w/c 23/3/20

Read on for this week’s Brexit Update.

Simmons & Simmons LLP – Webinar on Providing Regulated Services in the EU Post Brexit Transition Period

The webinar held on 18th March concentrated on providing regulated services post Brexit into German and Netherlands however the salient points were:

1. Confirmation that the routes ‘into’ servicing EU based clients will be:

  • reverse solicitation
  • national regimes if available (e.g. Germany, BaFIN can grant an exemption under Banking Act (note this is not a licence)
  • establish a regulated entity in the EU

2. Speakers from both Germany and Netherlands said a sustainable business model cannot be based on Reverse Solicitation

3. Rumours circulating in both Germany and the Netherlands that the transition period will be extended (due to Covid-19)

4. Outsourcing is high on the Agendas of Regulators of both jurisdictions due to it being high priority with the European Banking Authority. Specifically:

  • Requirement for prescriptive termination rights
  • Requirement for exit management plans for all outsourcing
  • Increased access and audit rights for institutions

Above must be implemented by end of 2021

Both speakers gave an overview of digitalisation and cyber risk affecting the integrity of the financial system. Both Regulators have issued paper on Environmental, Social and Governance.

Equivalence Assessment

Rishi Sunak, Chancellor of the Exchequer, wrote to Valdis Dombrovskis, Executive Vice President of the EU Commission last month on equivalence assessments. The letter states that both sides should start to assess equivalence as soon as possible, on the basis of the Political Declaration, with a view to completing the exercise by the end of June (but not taking decisions by that date). The EU is currently mapping equivalence areas and plans then to contact the UK for information. The letter sent by Rishi Sunak can be found here

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/869535/Chancellor_letter_to_Dombrovskis.pdf

Note that The UK can negotiate, sign and ratify international agreements but they cannot enter into force or apply during this period unless authorised by the EU.

Preparing for End of Transition Period – Government Questionnaire for Businesses and Individuals

There will be new rules for living, working, travelling and doing business in the UK and EU from 1 January 2021. With the intention of assisting businesses and individuals to prepare, the Government have issued a questionnaire on what action they should take to ensure they are prepared. The questionnaire can be found here www.gov.uk/transition-check

Sturgeon Ventures Compliance Consultancy 2020

Sturgeon Ventures – Compliance Consultancy of the year – UK

Leaders in Law recognised Sturgeon Ventures' expertise by awarding them their Compliance Consultancy of the Year - UK.  This award is part of its Global Awards Winners 2020 programme. (more…)

Possible Consequences of the Unauthorised use of Third Party Logos

Possible Consequences of the Unauthorised use of Third Party Logos

Sturgeon Ventures (Sturgeon) contacted Womble Bond Dickinson to discuss the possible consequences of the unauthorised use of third party logos in the advertising and promotion of a UK business or

Lawyers Worldwide Awards announced that Sturgeon Ventures have been awarded Start-up Compliance Consultancy of the year - UK.

Sturgeon Ventures awarded Start-up Compliance Consultancy of the Year – UK

Lawyers Worldwide Awards announced that Sturgeon Ventures have been awarded Start-up Compliance Consultancy of the year - UK. (more…)

FCA FSMA and Trade Marks and trading names

Company names, trading names and trade marks 

Sturgeon Ventures, after noticing an increase in the number of Financial Conduct Authority (FCA) Regulated Firms which have adopted trading and/or registered company names which are the same as those

Sturgeon Ventures signs PRI

Sturgeon now a signatory of the PRI

Sturgeon Ventures is delighted to announce that it is now a signatory to the Principles for Responsible Investment (PRI).  We are joining more than 2,000 other organisations around the world

Sturgeon’s Easter Message

The Easter egg is normally a symbol of new life, creativity, change and hope.  We think of our clients and community as part of the Sturgeon Family. (more…)

Shortlisted as one of three finalists for The Lifetime Achievement for Contribution to the Compliance Community at The Women in Compliance Awards

Shortlisted as one of three finalists for The Lifetime Achievement for Contribution to the Compliance Community at The Women in Compliance Awards

(more…)

Agile working at Sturgeon Ventures

Sturgeon Ventures share their top tips for agile working

Sturgeon Ventures have championed agile working and remote working since their inception in 1998. Over the past couple of weeks, we haven't been holding our team meetings on a Wednesday,