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The Draft UK EU Withdrawal Agreement published on 19 March 2018 contains no mention of the financial services industry whilst confirming that the transitional period will last from Brexit day on 29 March 2019 until 31 December 2020.
The Global Legal Entity Identifier Foundation (GLEIF) has published its first Entity Legal Forms (ELF) Code List, showing more than 1,600 entity legal forms across over 50 jurisdictions. These form the basis of the unique Legal Identity Identifier (LEI), required from 3 January 2018 for any firm subject to MiFID II transaction reporting obligations - otherwise they will not be able to execute a trade on behalf of a client eligible for a LEI and does not have one.
July deadline for Limited Corporations to submit info to SFC fast approaching
This new Code is relevant to all FX market participants, whether buy-side or sell-side, regardless of ‘product’, including E-Trading Platforms (page 4 provides a guide to the types of entities to which the Code will be relevant – ranging from the treasury operations of family offices to hedge funds and “financial institutions”).
A reminder of the annual submissions due to the SFC by Friday 28 April 2017 for firms having their financial year ending December:
Effective 1 February 2017, all Hong Kong SFC applications, notifications and annual returns filed by Licensed Representatives must be submitted by way of the SFC’s online portal.
The votes have been counted and ‘Brexit’ has won the day. The UK electorate has voted 52% to 48% to leave the European Union (EU). What are the implications to financial services?
For Hong Kong Licensed Corporations with a fiscal year ending 31 December, there are certain annual submissions due to the SFC by Friday 29 April 2016