Aggregated News From Investment Management Regulators

The EBA reminds financial institutions of the need for readiness in view of the Brexit transition period ending on 31 December 2020

Report/Flag

Please complete the required fields.



On 9 November 2020 the European Banking Authority (EBA) published a communication reminding financial institutions affected by the end of the transition period to finalise the full execution of their contingency plans before the end of the transition period on 31 December 2020. The EBA reminds that from 1 January 2021, the provision of financial services from UK authorised institutions to EU customers on a cross-border basis will no longer be possible. If those UK entities wish to continue providing their services to EU customers, an authorisation from EU competent authorities as well as an effective establishment in the EU is required before the end of the transitional period. In this context, financial institutions shall ensure timely and adequate communication regarding their preparations and possible changes affecting the availability and continuity of the services they provide, or whether institutions plan to cease offering services to EU-based customers. In addition, market participants are advised that any eIDAS certificates issued to the UK-based account information service providers and payment initiation service providers should be revoked and no longer supported. Finally, payment service providers are required to provide additional information regarding the payer and the payee for the transfer of funds between the EU and the UK.

For more details, please see the EBA website at: https://eba.europa.eu/eba-reminds-financial-institutions-need-readiness-view-brexit-transition-period-ending-31-december

Source link

Regulator Information

Abbreviation: CSSF
Jurisdiction: Luxembourg

Recent Articles

SEC Charges Unlicensed Broker With Defrauding Investors

The Securities and Exchange Commission today charged Joshua L. Rupp of Michigan for engaging in securities fraud and for acting as an unregistered broker-dealer.  The SEC’s complaint, filed in the U.

Questions and Answers on the Prospectus Regulation – 10th version – July 2021

See the Details published by the Cyprus Securities and Exchange Commission (CySEC CY) here: Source link

Warning concerning the website www.lunav-invest.com

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the website www.lunav-invest.com where an entity named “Lunav-Invest” offers investment services, including...

Adjudication Order in respect of Mr. Ranjith Soman and Ms. Veena Ranjith in the matter of M/s. Crown Tours Ltd.

This news item was originally published by the Securities and Exchange Board of India (SEBI IN). See the article here: Read more

FIN-FSA decides not to extend its recommendation on distribution of credit institutions’ profits beyond 30 September 2021

The Financial Supervisory Authority (FIN-FSA) has decided not to extend its recommendation on the distribution of credit institutions’ profits beyond 30 September 2021. The...

Get the latest from Regulatory.News in your inbox!

×