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Topic: Brexit

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Update on MoUs

On 4 January 2021, the FCA issued a new webpage concerning the memoranda of understanding (MoUs) that it had entered into with European authorities and which became effective at the end of the transition period. The MoUs include: A multilateral MoU with EU and EEA national competent authorities covering supervisory cooperation, enforcement and information exchange. … Continue Reading

Summary of temporary transitional measures for EU27 Member States – further update

Germany: As previously reported the German regulator (BaFin) has published its reaction to the EU-UK Trade and Cooperation Agreement (TCA). The German regulator states that the provisions of the TCA will apply to financial services only to a limited extent and repeats that the UK service providers will no longer be able to use the European passports … Continue Reading

UK Risk Retention Requirements Post Brexit

Having only days previously made statements that such a deal was unlikely and warning their citizens to prepare for a no deal Brexit, the United Kingdom (UK) and the European Union (EU) announced on 24 December 2020 that they had reached an agreement in principle on trade and co-operation. More than 1200 pages long, the … Continue Reading

Summary of temporary transitional measures for EU27 Member States

With the Brexit transition period nearing its end, we set out below an update on the EU 27 temporary transitional measures – the table below lists the jurisdictions for which we have received confirmation of the current position, further updates to other jurisdictions will be posted as and when we receive them. Summary of jurisdictions … Continue Reading

Updated open letter on the withdrawal of the UK from the EU and implications on the registration of market participants and data collection under REMIT

On 21 December 2020, the EU Agency for the Cooperation of Energy Regulators updated its open letter of 8 January 2019 regarding data reporting under Regulation (EU) No 1227/2011 on wholesale energy market integrity and transparency (REMIT) following the end of the transition period. The purpose of the open letter is to give guidance to … Continue Reading

ESMA reminds users of scheduled IT operations at the end of the transition period

On 16 December 2020, the European Securities and Markets Authority (ESMA) issued a reminder of the operations planned on its databases and systems at the end of the transition period. In particular ESMA reminds users that: ESMA will continue receiving files but will not produce feedback files during the maintenance window for its Financial Instruments … Continue Reading

ESMA to recognise Euroclear UK & Ireland Limited after Brexit transition period

On 11 December 2020, the European Securities and Markets Authority (ESMA) issued a press release announcing that Euroclear UK & Ireland Limited (EUI), the central securities depository (CSD) established in the United Kingdom (UK), will be recognised as a third-country CSD (TC-CSD) after the end of the UK’s transition from the European Union (EU) on … Continue Reading

ESAs highlight the change in the status of STS securitisation transactions at the end of the UK transition period

On 7 December 2020, the European Supervisory Authorities (ESAs) issued a statement concerning the change in status of simple, transparent and standardised (STS) securitisation transactions at the end of the transition period. The statement provides: For a securitisation transaction to qualify as an STS securitisation, the Securitisation Regulation requires that the originator, sponsor and the … Continue Reading

Brexit Pathfinder Plus – stay ahead of the curve on changes to UK law

The end of the transition period is fast approaching and many firms are looking to understand how the financial services regime will operate from the 1st of January 2021 onwards. If you are looking for a greater insight into how financial services legislation will look from next year – Norton Rose Fulbright’s Brexit Pathfinder Plus … Continue Reading

1 month to go: FCA reminds firms to be ready for end of transition period

On 1 December 2020, the FCA published a new webpage reminding firms to be ready for the end of the transition period in 1 months’ time. The webpage contains links to other FCA webpages detailing the temporary transitional power, the temporary permissions regime and the key requirements that firms need to comply with by 1 … Continue Reading

Commission Implementing Decision on time limited equivalence determination for UK CSDs

On 26 November 2020, there was published in the Official Journal of the EU,  Commission Implementing Decision (EU) 2020/1766 of 25 November 2020 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation … Continue Reading

ESMA sets out its final view on the derivatives trading obligation (DTO)

On 25 November 2020, the European Securities and Markets Authority (ESMA) made a public statement setting out its view on the application of the EU trading obligation for derivatives (DTO) following the end of the Brexit transition period. Article 28 of MiFIR requires investment firms to conclude transactions in some derivatives on regulated markets (RMs), … Continue Reading

Video: Brexit update with Jonathan Herbst

As the Brexit negotiations enter a critical phase, firms and market participants may still be wondering how to plan for the future. In the latest of our financial services videos, Norton Rose Fulbright’s Global Head of Financial Services, Jonathan Herbst, provides an update on the likely impact of Brexit. To view the video, please click … Continue Reading

Information about Brexit from EEA regulators

On 6 November 2020, the FCA published a new web page providing links to dedicated Brexit websites hosted by financial regulators in certain EEA member states that it has been made aware of. The FCA sets out a table containing links to Brexit related websites for Member State national competent authorities in: Austria Belgium Bulgaria … Continue Reading

ESMA issues statement setting out the final positon on STO application following the end of the transition period

On 26 October 2020, the European Securities and Markets Authority (ESMA) issued a statement clarifying the application of the EU’s share trading obligation (STO) following the end of the transition period. The statement confirms that the trading of shares with a European Economic Area (EEA) ISIN on a UK trading venue will be in scope … Continue Reading

Webinar | Brexit: Doing business in the EU

With every day that passes without apparent progress towards an agreement on financial services or equivalence, the more firms we see putting in place arrangements to enable them to continue business across Europe. On 22 October members of our financial services and regulation team in London, Paris, Frankfurt, Amsterdam and Milan will be hosting a … Continue Reading

ISDA Brexit FAQs (version 8)

On 21 July 2020, the ISDA published version 8 of its Brexit FAQs. The following FAQs have been updated to the position as at 30 June 2020 and therefore do not reflect any developments after that date: Q16 – After IP completion day, what is the ability of financial services firms established in the UK … Continue Reading

ECB Brexit blog: banks must prepare for the end of the transition period

On 9 July 2020, the European Central Bank (ECB) issued a blog stating that banks must prepare for the end of the transition period. At the start of the blog the ECB warns banks that the relief measures that have been put in place to support the economy during the COVID-19 pandemic do not extend … Continue Reading

European Commission letter to HM Treasury on approach to equivalence assessments and decisions

On 2 March 2020, we reported that HM Treasury had published a letter it had sent to Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union concerning the UK’s preparations for assessments of financial services equivalence. In that letter the UK Government confirmed that it was committed to meeting the end … Continue Reading

Council gives go-ahead for talks to start and adopts negotiating directives

On 25 February 2020, the Council of the European Union adopted a decision authorising the opening of negotiations for a new partnership with the UK, and formally nominating the European Commission as the EU’s negotiator. The Council also adopted negotiating directives which constitute a mandate to the Commission for the negotiations. The Council decision and … Continue Reading

EP resolution: proposed mandate for negotiations for a new partnership with the UK

On 12 February 2020, the European Parliament (EP) published the text of a resolution concerning the proposed mandate for negotiations for the EU’s new partnership with the UK. The resolution notes that whilst the EP is supportive of the EU constructively negotiating a balanced, ambitious and comprehensive free trade agreement with the UK, by its … Continue Reading

Is the UK still a member of the EEA?

The European Free Trade Association FAQs on Brexit make a number of statements clarifying the UK’s position as regards EEA membership. Such statements include: The UK ceased to be a Contracting Party to the EEA Agreement after its withdrawal from the EU on 31 January 2020. This follows from the two-pillar structure and Article 126 … Continue Reading

Commission recommendation on mandate for opening negotiations for new partnership between UK and EU

On 3 February 2020, the European Commission (Commission) published its recommendation for a Council of the EU decision authorising the negotiations for a new partnership with the UK. Page 4 of the recommendations contains the draft text of a Council. The Annex on page 8 sets out the Commission’s proposals for the future UK-EU relationship … Continue Reading

ESMA statement on governance and reporting obligations post-Brexit

On 31 January 2020, the European Securities and Markets Authority (ESMA) published a statement providing an update on governance and reporting obligations for UK entities following the UK’s withdrawal from the European Union. From 1 February 2020, the UK’s FCA will no longer be a member of ESMA’s Board of Supervisors or participate in any … Continue Reading
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