With a view to a revision of the Insurance Distribution Directive (IDD), which is expected to be undertaken by 2023 (the European Insurance and Occupational Pensions Authority (EIOPA) is due to submit its report by the end of 2021, and the European Commission in 2022), discussions and work have already begun
Brexit – Reminder from the French regulator to UK financial institutions on their obligations towards customers residing in France
On 4 January 2021, the French regulator (the Autorité de Contrôle Prudentiel et de Résolution – ACPR) issued a press release reminding UK authorised financial institutions (including those located in Gibraltar) of their obligations towards customers residing in France.
As of 1 January 2021, European law is no longer applicable in the United Kingdom
Brexit – France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit – Update
As mentioned in our previous post published in April 2019, the French Ministry of Economy and Finance passed a decree dated 22 March 2019 (the March 2019 Decree) implementing the provisions of the ordinance n°2019-75 of 6 February 2019, introducing a contingency plan for the financial services sector in connection with the withdrawal of
PRA publishes statement on French regulator’s response to EIOPA Brexit Recommendations
On 12 November 2019, the Prudential Regulation Authority (PRA) published a response on its website to a statement from the Autorité de contrôle et de resolution (ACPR) in response to the EIOPA Recommendations for the insurance sector in the light of the UK withdrawal from the European Union. The responses of
France clarifies the form and content of the information to be provided by UK insurers to their French insureds and policyholders following Brexit in the event of a no-deal
On 22 March 2019, the French Ministry of Economy and Finance passed a decree (the Decree) implementing the provisions of the ordinance n° 2019-75 of 6 February 2019, introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance).
As a reminder, the Ordinance provides that in the event of no-deal, UK insurers that have lost their passporting permissions as a result of Brexit will no longer be entitled to renew, extend or modify their existing policies, or write new policies (our full analysis of the Ordinance can be found here). Consequently, the Ordinance imposes on these insurers an obligation to inform their insureds and policyholders residing in France of the situation, so as to provide them with legal certainty in respect of their cover.
France enacts a new legal regime for insurance contracts entered into before Brexit in the event of a no-deal.
On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1].
The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) and will enter into force as from the date of exit of the UK from the EU in the event of a no-deal.
Paris Brexit Financial Institutions’ seminar & cocktails – 12 February 2019
We are pleased to announce that our Financial Institutions (FI) team will hold a Brexit seminar in February 2019 in Paris. The objective of the seminar is to create awareness of the impact on the European financial institutions industry doing business in the UK after Brexit.
Our Paris and London FI experts will
Special alert: The French Prudential Control and Resolution Authority and the French Financial Markets Authority are simplifying and speeding up licensing procedures in the context of Brexit
The French Prudential Control and Resolution Authority (Autorité du Contrôle Prudentiel et de Résolution, or ACPR) and the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) have announced a joint initiative intended both to reassure certain British institutions (including British subsidiaries of other institutions) as to the