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Solasch
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Solasch is male  Solasch has posted at least 25 times and has been a member for 3 months or more 
 
08-05-2021, 02:52 PM
1

Britain preparing money laundering

At the same time as the TCA was published, the UK and EU also published a number of joint declarations, which in comparison to the TCA are not legally binding, including one covering financial services.
The parties also committed to agree by March 2021 a Memorandum of Understanding establishing a framework for cooperation and that the parties will discuss how to move forward with equivalence determinations.
One of the main concerns about relying on a framework for cross border business based on the concept of equivalence are that these decisions can be politically motivated and can be removed or not renewed unilaterally and on very short notice. If the UK would diverge on any part of any deal with the EU, revoking equivalence would keep them in line. So equivalence could be a price too high to pay for other financial intentions of the british financial services.
It would also hamper the introduction of the Fiancial Services bill.
That Bill introduces a new overseas funds regime (OFR) to allow overseas collective investment schemes to be marketed to all investors. Under the OFR, HM Treasury will have the power to grant equivalence to a specified category of schemes from an overseas country. OFR equivalence will be based on outcomes. This means that other countries need not have identical laws to those in the UK, but the overall effect of their rules should achieve the same outcomes.
The Bill proposes that both the OFR and section 272 of FSMA apply to collective investment schemes. It will therefore be clear that each of the regimes will be able to recognise overseas schemes structured as umbrella funds and sub-funds.
https://www.fca.org.uk/news/speeches...ifferent-world
https://www.farrer.co.uk/news-and-in...services-bill/
https://www.farrer.co.uk/news-and-in...-future-hold/#
 

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