European Union: Regulation Round Up - January 2018

1 January

The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation (1286/2014) (the "PRIIPs Regulation") came into force on 1 January 2018. This includes an obligation on PRIIP manufacturers to prepare and publish a Key Information Document ("KID") in relation to each PRIIP that they produce.

Most of the provisions contained in Regulation (2016/1011) ("EU Benchmarks Regulation") came into force on 1 January 2018. This introduces a common framework and consistent approach to benchmark regulation across the EU.

2 January

The Bank of England published minutes of a meeting of its directors held on 7 November 2017 in which it noted, in relation to Brexit contingency planning, that the critical point for firm's location decisions would be early 2018, following the government's confirmation that it was seeking a transitional deal.

3 January

MiFID II was implemented in the UK on 3 January 2018. The FCA has, accordingly, updated a number of pages on its website in relation to the same. The FCA also published a document containing MiFID II general guidance on the authorisation process, forms and prudential categories. Section 1 of the document provides guidance on applications for:

  • authorisation as a MiFID investment firm made by a first-time applicant;
  • Variations of permission ("VoPs") by a non-MiFID firm seeking to become a MiFID investment firm; and
  • VoPs by a firm that is already authorised as a MiFID investment firm.

Section 2 of the document contains flowcharts intended to assist MiFID investment firms to determine the prudential categorisations that will apply to them, depending on the regulated activities that they perform and the nature of their businesses.

The FCA also published a table in respect of technical standards under MiFID II and MiFIR.

The FCA published a statement on its website confirming that it had received two applications, from ICE Futures Europe and the London Metal Exchange, for transitional arrangements to apply in relation to exchange-traded derivatives. The FCA agreed to the transitional arrangements for those entities, meaning that certain open access requirements under MiFIR will not apply until 2020.

ESMA has launched a new webpage containing a list of all authorised or registered benchmark administrators located in the European Union.

4 January

The FCA published the Enforcement (Packaged Retail and Insurance-based Investment Products Regulations 2017) Instrument 2018 (FCA 2018/1), which is now in force.

The instrument contains amendments to the Enforcement Guide (EG) and the Decision Procedure and Penalties manual (DEPP) relating to the FCA's enforcement approach to breaches of the PRIIPs Regulation.

10 January

The government published an article issued jointly by Philip Hammond, Chancellor of the Exchequer, and David Davis, Secretary of State for Exiting the European Union, on a "deep and special" partnership between the UK and the EU. The article focussed on the need to ensure that there is still a model of co-operation between the UK and the EU following Brexit and the need to ensure that the implementation-period after the UK leaves the EU still provides for access to the single market.

13 January

The revised Payment Services Directive (2015/2366) ("PSD2") was implemented in the UK on 13 January 2018. The FCA has updated its webpage in relation to PSD2 accordingly. PSD2 has been transposed in the UK primarily by the Payment Services Regulations 2017, which repeal and replace the Payment Services Regulations 2009.

18 January

The UK Government published a House of Commons Library paper examining the status of EU decisions in the UK after Brexit. The European Union (Withdrawal) Bill will create a category of domestic law called "retained EU law" but most attention on it has focused on regulations and directives. The paper discusses how the roughly 7,500 EU decisions that exist (which include a large and diverse range of EU acts) might be dealt with post Brexit.

24 January

The FCA published a statement relating to concerns raised about performance scenarios in KIDs published by manufacturers of PRIIPs under the PRIIPs Regulation. The FCA stated that some firms are concerned that, for a minority of PRIIPs, the performance scenario information required in the KID may appear too optimistic and so has the potential to mislead consumers. Where a PRIIP manufacturer is concerned that this is the case, the FCA is comfortable with them providing explanatory materials to put the calculation in context and to set out their concerns for investors to consider.

Ethiopia has been added to the list of high-risk third countries with strategic deficiencies under the fourth money laundering directive ("MLD4"). This is pursuant to Commission Delegated Regulation (EU) 2018/105 which was published in the official journal of the European Union and will enter into force on 13 February 2018.

The FCA published a consultation paper relating to proposed changes to the FCA Handbook and approach to FCA fees in relation to the European Money Market Funds Regulation.

26 January

The FCA published a speech given by Robin Jones, FCA's Head of Technology, Resilience and Cyber, on building cyber resilience.

29 January

The European Commission issued a press release confirming it has the mandate to begin negotiations on possible transitional arrangements following the United Kingdom's withdrawal from the European Union. This included the initial view taken by the European Commission that the transitional period should not last beyond 31 December 2020. In due course, the European Commission will publish draft legal text of the withdrawal agreement of which the transitional arrangements will form part.

Regulation Round Up - January 2018

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Similar Articles
Relevancy Powered by MondaqAI
In association with
Related Topics
Similar Articles
Relevancy Powered by MondaqAI
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions