Topic: Brexit

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LMA paper a no-deal Brexit and the European loan market

On 5 December 2018, the Loan Market Association (LMA) published a paper on the consequences of a no deal Brexit scenario on the European loan market (the Paper). The Paper emphasises a number of regulatory issues which may arise in a no deal scenario, particularly due to: the wide usage of wholesale loan products across … Continue Reading

In a no-deal Brexit how will you track changes to UK law?

In recent weeks you would have noticed numerous blogs describing statutory instruments that HM Treasury has been publishing in the event of a no-deal Brexit scenario. These statutory instruments, commonly known as EU Exit instruments, are part of the UK’s contingency preparations and onshore  EU law that is retained under the European Union (Withdrawal) Act … Continue Reading

ESAs final report on draft RTS amending the risk mitigation techniques for OTC derivatives under EMIR

Introduction On 27 November 2018, the European Supervisory Authorities (ESAs) published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for over-the-counter (OTC) derivatives not cleared by a central counterparty (CCP) (bilateral margin requirements) under the European Market Infrastructure Regulation (EMIR). The draft … Continue Reading

Germany: Draft bill on national transition regime following a hard Brexit

The German Federal Ministry of Finance (BMF) has published a draft bill which, inter alia, sets out a national transition regime for UK credit institutions, investment firms and insurance undertakings in case of a hard Brexit. The provisions regarding market access of UK institutions introduced by the draft bill will only apply should the EU … Continue Reading

Draft Political Declaration setting out the framework for the future relationship between the EU and the UK

On 22 November 2018, there was published the draft Political Declaration setting out the framework for the future relationship between the EU and the UK. Amongst other things, the Political Declaration considers the future of cooperation in the financial services sector: the UK and the EU are committed to preserving financial stability, market integrity, investor … Continue Reading

ESMA statement on the contingency plans of CRAs and TRs in the context of Brexit

On 9 November 2018, the European Securities and Markets Authority (ESMA) issued a public statement in order to raise market participants’ awareness on the readiness of credit rating agencies (CRAs) and trade repositories (TRs) for the possibility of no agreement being reached in the context of the UK withdrawing from the EU. Points in the … Continue Reading

Brexit Pathfinder – new hub for financial services clients

To help our financial services clients navigate the legal and regulatory implications of Brexit, we have launched a new Brexit Pathfinder hub. Our Brexit Pathfinder hub is a repository of all the Brexit-related thought leadership, white papers, briefings, videos and blogs published by our financial services regulatory team. The hub is aimed specifically at financial services clients … Continue Reading

BaFin publishes new guidance note on the authorization procedure for credit institutions

The German Federal Financial Supervisory Authority (BaFin) published a new guidance note (Merkblatt) on the authorization procedure for credit institutions. The guidance note provides details on the regulatory requirements for the licensing of credit institutions (e.g. information about the intended business and the applicant, business plan, governance structure, management pursuant, holders of significant participation, capital … Continue Reading

Brexit workshop for foreign issuers of securities organized by BaFin

On May 2017, the German Federal supervisory authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) organized a workshop for foreign issuers of securities. BaFin representatives held various presentations on the possible consequences of Brexit. Three major questions were discussed taking into account various Brexit scenarios: Which issuers of securities prospectuses are concerned? What are the effects on … Continue Reading