fscom News and Events

Stockholm as Post Brexit Destination - a swede choice?

[fa icon='calendar'] 13-Nov-2018 12:40:00 / by James Borley posted in BREXIT, Payment services, Compliance, PSD2

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As we embark upon yet another week of uncertainty regarding what Brexit deal, if any, the Prime Minister might secure, the latest in my Q&As with EU regulators sees me heading to Sweden. 

I fondly recall, back in my FSA days, visiting Finansinpektionen (the Swedish FSA) to find out more about the payments market in Sweden and how they approached licensing and supervision, given they were one of the few EU Member States that took advantage of article 26(1) of PSD1 to allow for ‘Small Payment Institutions’ (SPIs). Colleagues at Finansinspektionen were friendly, approachable and keen to exchange knowledge and experience, so I was hopeful that they would continue to be so despite my own departure from the regulator. I am thankful, therefore, to Roger Jacobsson for sparing the time to answer our standard questions regarding UK payment/e-money institutions looking to establish a second business in Europe to benefit from passporting rights.

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Brexit: Doubling up in Dublin?

[fa icon='calendar'] 26-Oct-2018 17:09:38 / by James Borley posted in BREXIT, Payment services, Compliance, PSD2

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So, after weeks of conversations with various regulators across Europe, I am delighted to be able to share the views of the Central Bank of Ireland towards UK payment and e-money institutions looking to set up a new office in Ireland as part of their Brexit strategy. Since firms started thinking about their Brexit strategies, Ireland has often been mentioned by clients of fscom as their first consideration, principally based on common language and proximity. Indeed, being based in Belfast, we find our own proximity to Dublin to be particularly helpful in helping firms with the Central Bank.  As we have seen though, there are many other factors that need to be taken into account. As ever though, I do not pass comment on the Central Bank’s views in this article, preferring to simply pass them on to help you make up your own mind. So, thanks again to the Central Bank for granting me access and, in particular, to Russell Burke from the Payments Authorisation Team.

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Brexit: Autobahn to Authorisation?

[fa icon='calendar'] 16-Oct-2018 14:19:52 / by James Borley posted in BREXIT, Payment services, Compliance, E-money, PSD2

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Brexit Workshop: 'Speed Network EU Destinations for Your Perfect Match"

[fa icon='calendar'] 27-Sep-2018 11:45:00 / by James Borley posted in Compliance, E-money, Payment services, BREXIT, PSR Assurance, EMR Assurance

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Brexit: A lifeline in Lithuania?

[fa icon='calendar'] 25-Sep-2018 09:45:22 / by James Borley posted in BREXIT, Payment services, FCA, E-money, Compliance

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Brexit: Out of the EU...back to Brussels?

[fa icon='calendar'] 06-Sep-2018 20:49:56 / by James Borley posted in BREXIT, Payment services, E-money, PSD2, FCA

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Following my well-received blog about the ACPR’s approach to UK payment/e-money institutions applying for authorisation in France as part of their Brexit strategy, it was almost obvious that I should follow this up with consideration of near-neighbours Belgium. 

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Brexit: All roads lead to...Paris?!

[fa icon='calendar'] 28-Aug-2018 14:45:59 / by James Borley posted in BREXIT, Payment services, Compliance, FCA, E-money, PSD2

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“Mirror, Mirror on the wall, who is the fairest (regulator) of them all?”

[fa icon='calendar'] 06-Aug-2018 11:53:11 / by James Borley posted in FINTECH, BREXIT, Payment services, E-money, PSD2

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For some, Brexit may still seem like something out of a fairy tale but, whether you are for or against, it will become a reality next March 2019.

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ESMA's temporary product intervention decisions: NDFs

[fa icon='calendar'] 03-Aug-2018 15:54:59 / by Rachel Stevenson posted in MIFID II, ESMA, Investment firms, FCA, BREXIT, NDFs

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The implementation of MiFID II in January triggered a significant change in the blanket treatment of FX forwards in the UK and, as a result, non-deliverable forwards (NDFs) became regulated products and overnight were reclassified as contracts for difference (CFDs). Any FX brokers that wished to continue offering NDFs were forced to apply to the FCA to obtain the relevant investment firm regulatory permissions in order to continue providing the same range of FX products they had always offered their clients.

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What does a good BREXIT deal look like for financial services?

[fa icon='calendar'] 28-Jul-2017 10:59:49 / by Philip Creed posted in BREXIT, FINTECH

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London is the second largest financial centre in the world and financial services is the largest industry in the UK, therefore it is logical to expect the financial services industry to be high on the negotiation table for BREXIT.

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