A sane Cameron and Obama before the conservative rage.
The UK Brexit has problems its mad as a hatter conservative MPs haven’t dreamed of yet, let alone thought about a solution. After eight straight no votes yesterday on different plans to smooth the job-destroying transition out of the EU comes this from US Securities and Exchange Commission. (On the hapless Theresa May see NYT for insight)
The SEC and the United Kingdom Financial Conduct Authority (FCA) today reaffirmed to continue “close cooperation and information sharing in the event of the UK’s withdrawal from the European Union (EU).”
SEC Chairman Jay Clayton should be used to such madness.
Well, it seems that there are large risks posed by jurisdictional share trading obligations, which “could increase market fragmentation and impose unnecessary costs on investors,” the SEC said in a ‘whistling past the graveyard’ observation. Hell, it’s not even clear that the UK can continue to be a key market for funds and used by fund managers in the United States.
SEC Chairman Jay Clayton met with FCA CEO Andrew Bailey and signed two updated Memoranda of Understanding (MOUs) to “ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.”
Here’s the boilerplate: SEC Chairman Jay Clayton said, “The SEC and the FCA have a long history of effective cooperation on supervisory and other matters.” FCA CEO Andrew Bailey said, “As part of our preparations for Brexit we have been working with our partners in the EU and globally to ensure there is minimal disruption.”
AutoInformed viewers are allowed to laugh heartily at the use of the word preparations when it is abundantly clear that this whole sordid matter came about because of the lack of preparations or even realistic analysis of ,nsay, Irish border problems, tariffs, food and drug shortages, corporate evacuations and the like.
History
The first MOU, originally signed in 2006, is a supervisory arrangement covering regulated entities that operate across the national borders. The MOU was updated to, among other things, expand the scope of covered firms under the MOU to include firms that conduct derivatives, credit rating and derivatives trade repository businesses to reflect (1 i) post-financial crisis reforms related to derivatives and (2 ii) the FCA’s assumption of responsibility from the European Securities and Markets Authority for overseeing credit rating agencies and trade repositories in the event of the UK’s withdrawal from the EU.
The second MOU, which is required under the UK Alternative Investment Fund Managers Regulations, was originally signed in 2013. The MOU provides for supervisory cooperation and exchange of information relating to the supervision of covered entities in the alternative investment fund industry. The updated MOU “ensures” that investment advisers, fund managers, private funds and other covered entities in the alternative investment fund industry that are regulated by the SEC and the FCA will be able to continue to operate on a cross-border basis without interruption, regardless of the outcome of the UK’s withdrawal from the EU.
These MOUs will come into being on the date EU legislation ceases to have direct effect in the United Kingdom.
AutoInformed.com on:
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn.
He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe.
Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap.
AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks.
Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.
Brexit Bloody Hell! Now Stock Exchange Issues
A sane Cameron and Obama before the conservative rage.
The UK Brexit has problems its mad as a hatter conservative MPs haven’t dreamed of yet, let alone thought about a solution. After eight straight no votes yesterday on different plans to smooth the job-destroying transition out of the EU comes this from US Securities and Exchange Commission. (On the hapless Theresa May see NYT for insight)
The SEC and the United Kingdom Financial Conduct Authority (FCA) today reaffirmed to continue “close cooperation and information sharing in the event of the UK’s withdrawal from the European Union (EU).”
SEC Chairman Jay Clayton should be used to such madness.
Well, it seems that there are large risks posed by jurisdictional share trading obligations, which “could increase market fragmentation and impose unnecessary costs on investors,” the SEC said in a ‘whistling past the graveyard’ observation. Hell, it’s not even clear that the UK can continue to be a key market for funds and used by fund managers in the United States.
SEC Chairman Jay Clayton met with FCA CEO Andrew Bailey and signed two updated Memoranda of Understanding (MOUs) to “ensure the continued ability to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.”
Here’s the boilerplate: SEC Chairman Jay Clayton said, “The SEC and the FCA have a long history of effective cooperation on supervisory and other matters.” FCA CEO Andrew Bailey said, “As part of our preparations for Brexit we have been working with our partners in the EU and globally to ensure there is minimal disruption.”
AutoInformed viewers are allowed to laugh heartily at the use of the word preparations when it is abundantly clear that this whole sordid matter came about because of the lack of preparations or even realistic analysis of ,nsay, Irish border problems, tariffs, food and drug shortages, corporate evacuations and the like.
History
The first MOU, originally signed in 2006, is a supervisory arrangement covering regulated entities that operate across the national borders. The MOU was updated to, among other things, expand the scope of covered firms under the MOU to include firms that conduct derivatives, credit rating and derivatives trade repository businesses to reflect (1 i) post-financial crisis reforms related to derivatives and (2 ii) the FCA’s assumption of responsibility from the European Securities and Markets Authority for overseeing credit rating agencies and trade repositories in the event of the UK’s withdrawal from the EU.
The second MOU, which is required under the UK Alternative Investment Fund Managers Regulations, was originally signed in 2013. The MOU provides for supervisory cooperation and exchange of information relating to the supervision of covered entities in the alternative investment fund industry. The updated MOU “ensures” that investment advisers, fund managers, private funds and other covered entities in the alternative investment fund industry that are regulated by the SEC and the FCA will be able to continue to operate on a cross-border basis without interruption, regardless of the outcome of the UK’s withdrawal from the EU.
These MOUs will come into being on the date EU legislation ceases to have direct effect in the United Kingdom.
AutoInformed.com on:
About Ken Zino
Ken Zino, editor and publisher of AutoInformed, is a versatile auto industry participant with global experience spanning decades in print and broadcast journalism, as well as social media. He has automobile testing, marketing, public relations and communications experience. He is past president of The International Motor Press Assn, the Detroit Press Club, founding member and first President of the Automotive Press Assn. He is a member of APA, IMPA and the Midwest Automotive Press Assn. He also brings an historical perspective while citing their contemporary relevance of the work of legendary auto writers such as Ken Purdy, Jim Dunne or Jerry Flint, or writers such as Red Smith, Mark Twain, Thomas Jefferson – all to bring perspective to a chaotic automotive universe. Above all, decades after he first drove a car, Zino still revels in the sound of the exhaust as the throttle is blipped during a downshift and the driver’s rush that occurs when the entry, apex and exit points of a turn are smoothly and swiftly crossed. It’s the beginning of a perfect lap. AutoInformed has an editorial philosophy that loves transportation machines of all kinds while promoting critical thinking about the future use of cars and trucks. Zino builds AutoInformed from his background in automotive journalism starting at Hearst Publishing in New York City on Motor and MotorTech Magazines and car testing where he reviewed hundreds of vehicles in his decade-long stint as the Detroit Bureau Chief of Road & Track magazine. Zino has also worked in Europe, and Asia – now the largest automotive market in the world with China at its center.