EBC：脱欧背景下英国监管的未来（上）

EBC Financial Group(UK)的现任首席执行官David Barrett曾在美国AIG、Nat West Bank现苏格兰皇家银行，里昂证券，荷兰银行，野村证券等国际金融集团任职超35年。熟悉各种金融产品，擅长于金融服务商业战略咨询，金融产品架构等。曾任AIG金融产品执行董事，负责与国际一级银行，大型对冲基金、家族办公室等合作。

以下David Barrett分享了在英国脱欧背景下英国监管的趋势，更严格和更高要求的监管体系对整个行业将产生深远而长久的影响。

Here in the UK the regulator is split into two main areas. We have the Prudential Regulation Authority (PRA) who regulate around 1,500 Banks, Building Societies, Credit Unions, Insurers, and the main Investment Firms. Alongside the PRA we have the Financial Conduct Authority (FCA), it regulates the bulk of the remaining Financial Services Industry in the UK and is the body that Brokerage businesses interact with in the UK. Its main tasks are to ensure that the industry remains stable, enables healthy competition and probably most importantly it has a major role in protecting Consumers and Clients of the firms it overseas.

英国监管现在分成两大部分。有英国审慎管理局（PRA）监管着1500间银行，和主流投资公司。除了PRA，还有金融管理局（FCA），FCA监管着余下大部分金融服务业，也是英国经纪业务的监管主体。它的主要任务是确保行业稳定，维持良性竞争，最重要的是保护所监管公司海外客户的利益。

The UKs FCA has long been seen as the benchmark for global regulation for Institutions and Clients alike, so changes that it makes to its oversight matter not only to companies that it regulates but also to the market in general. The last decade has seen many changes in how it operates and how companies that wish to be active in the UK must operate as well. Below we look at a few areas of interest to UK and overseas Brokers and Client

英国FCA早已成为全球机构和客户监管的基准，所以它的改变不仅会对监管下的公司产生影响，对整个市场也有影响。过去十年间，FCA的运营方式发生了很多变化，很多想要在英国市场活跃的公司也相应改变。以下我们就来看下英国及海外经纪商和客户都感兴趣的几个话题。

Brexit: The reality is that the outcome and its effects on the market are still unclear. The UK left the EU on 31stJan‘20, it entered a transition Period that should have ended 31 Dec’20, but on 24 Dec20 the UK and the EU agreed a Trade and Cooperation Agreement - but what does this mean for Companies and Clients operating in the UK and EEA？

首先是脱欧，脱欧对于市场的影响尚不明朗。英国在2020年1月31号正式执行脱欧程序，整个交接过程在2020年12月31号结束，而在同年平安夜，英国和欧盟签署了经贸合作协议，那么这将对英国和欧洲经济区运营的公司和客户意味着什么呢？

For Brokers, the main issue they have faced is the end of passporting their authorisations from the UK to the EEA or vis versa. As of 31stDec,20 all passporting was ended, in theory Firms needed to stop operating in other countries that they had been passporting into or they had to get local authorisation to be active there. The UK government agreed to allow EEA authorised firms to carry on operating in the UK under the scope of their local permissions (using a Temporary Permission Regime), unfortunately the EU did not do the same. This has led many high-profile brokers based in the UK to make changes to their business model.

这些经纪商将要面临的重要挑战是，从英国转移授权到欧洲经济区或者反之亦然。只要公司符合当地的要求（取得暂时性许可制度），英国政府就允许由欧盟授权的公司在英国运营。不过欧盟却没有相同的制度，这就导致很多知名英国经纪商不得不转变业务发展模式。

Firms simply said that its UK entity will no longer service EEA clients and they have not been alone. Larger Firms can establish EEA based Firms and direct the Clients there , others have set up new Firms within the EEA , to retain Clients.

很多公司表明了英国主体将不会再服务欧洲经济区客户。一些更大规模的公司则在欧洲经济区成立新公司，且服务当地的客户）, 而其他的则会在欧洲经济区成立新公司来留住客户.

It should be mentioned that some jurisdictions have become quite aggressive in the monitoring of who is marketing to which clients and from where – Germany and Italys regulators have been actively doing this.

值得一提的是一些司法机构在监管上更激进，他们会监督各个公司：在哪里，或者到底在针对哪些客户做市场推广—比如德国和意大利的监管机构就在积极推进这件事。

While the EEA, via ESMA have been instrumental in limiting Brokerage offerings to Retail Clients and will probably be happy to keep things as they are we suspect that the UK will want to, or even be forced to, take a more expansive approach. CySEC recently extended the deadline date for Firms to apply for Temporary Permission there, a further sign that they are happy to accommodate. The UK Government has already said that it sees the Financial Industries recovery as a main stay of future economic strength – it contributes approx. £130 billion to the UK economy and well over 1 million jobs and not just in London. In Edinburgh around 10% of all jobs are in the financial sector.

而在欧洲经济区，欧洲证券与市场管理局ESMA，正在进一步规范提供给零售客户的经纪业务，或者采取更有效政策。而塞浦路斯最近也推迟了公司申请临时许可的截止日期。英国政府已经表明金融行业的复苏是未来经济水平的强力支撑-因为金融行业对英国的经济贡献了大约一千三百亿英镑的价值并且提供了超过一百万个不只是在伦敦的工作职位。在爱丁堡大约百分之十的工作来自金融行业。

We believe that over time they will use the UK and FCA brand to attract Firms on a more favourable basis to be able to interact with the rest of the world and that the EU may well find itself too inward looking and becoming less attractive on the global stage.

我们相信随着时间的推移，英国会用自身和金融管理局的品牌，作为和世界其他地区交流的良好基础，同时欧盟也会发现其自身的封闭性在世界舞台变得较为缺少吸引力。

Future capital requirement changes for FCA Firms: One of the biggest changes that have been announced (but not yet implemented) will be the Change in minimum capital thresholds, consolidating the assessment, concentration risk and the ending of the Matched Principal exemption. All these changes are being driven by the EEA but despite Brexit the UK has agreed to go along with them, it could be argued that it makes any future passporting talks easier. As an overview the proposed changes mean that all EEA and UK firms will be looked at and classified in the same way, rather than the multi-level approach used in the UK now.

未来对于FCA监管下的公司资本要求：

最大的已知改变是保证金要求，综合评估的标准，资金集中的风险性控制和撮合委托交易的本金豁免制度。这些改变由欧洲经济区主导并且不受英国脱欧的影响，是否会利于未来的牌照申请事宜并不确定。但总体来讲，预计的这些改变会让欧洲经济区和英国的公司在一个体系内评估，而不是现在英国和欧洲所用的多重体系。

Adding to the capital burden for UK Firms will be consolidated assessment, that is any UK Firm that has EEA subsidiaries will have to report the above by including these Firms requirements along with the UK Firms in its numbers. Add this to a soft limit of 25% of the value of own funds used to support exposures and you can see the balance sheet burden growing.

对英国公司来说增加资本是综合评估的一部分，任何英国公司在欧洲经济区有附属公司的都要一并申报。其实就是变相要求自身资本的四分之一都要用支持交易，这使得公司资产和负债的压力变大。

Perhaps the biggest change will be for Matched Principal Brokers – under current FCA rules these Firms get a reduction of the capital needed for acting as a Principal to trades, STP brokers are only required to have Euro125k instead of Euro 730k. This will change, the EEA do not understand the concept of Matched Principal Brokers and do not agree with the capital discount. All these brokers will need to have this part of the calculation at Euro/GBP 750k going forward. The only good news here is that, although yet to be agreed in total it appears existing Firms will have a 5-year time frame to boost their balance sheet for this part of the equation.

而最大的改变要数撮合委托交易经纪商了，在现行的FCA准则下对这些交易主体的公司资本要求较低，比如STP经纪商只要求12.5万欧元而不是73万欧元。这种局面将会改变，欧洲经济区并不明确撮合委托经纪商的意义，也不同意资本水平的降低。这些经纪商之后就需要至少75万欧元或英镑的资本要求（但基本都是会维持在200万欧元）。唯一的好消息是，这些公司预计有五年的时间去提升资本负债表的数额以达到要求。

Make no mistake capital requirements and robustness of a regulated Firms balance sheet is only going to go up in the future, even offshore locations like the BVI are being pressured into making changes akin to those above and locations like St Vincent and Vanuatu may have resisted thus far but any type of company registering out there now struggles to get an international bank account because of it. Regulatory pressure is everywhere.

未来对受规管公司的资产负债表数值和最低资本要求只会越来越高，一些离岸的比如BVI离岸公司也开始被迫做出改变，比如圣文森特和瓦努阿图监管，原先接受大部分公司的注册，但是现在要求这些公司也要开设国际银行账户。监管的压力随处可见。