On 13 June 2019, the PRA published an updated version of Policy Statement 5/19, regarding the Bank of England’s amendments to financial services legislation under the European Union (Withdrawal) Act 2018. The Appendix of the Policy Statement has been amended to include B.2A, containing the PRA Rulebook (EU Exit) (Amendment) Instrument 2019. The updated Instrument … Continue Reading
On 12 June 2019, the European Commission (Commission) adopted a communication on the state of play of preparations of contingency measures for a no-deal Brexit. The Commission has tabled 19 legislative proposals, 18 of which have been adopted by the European Parliament and Council. The Commission has also adopted 63 non-legislative acts and published 93 … Continue Reading
On 10 June 2019, the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various technical amendments to the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018; Electronic Money, Payment Services and Payment Systems (Amendment and … Continue Reading
On 4 June 2019, the European Securities and Markets Authority (ESMA) published a speech from its Chair, Steven Maijoor, on international cooperation in financial regulation and supervision. Key points to note in the speech include: as of October 2018, the EU had granted equivalence to thirty-five jurisdictions across eight securities and accounting files; ESMA’s view … Continue Reading
On 29 May 2019 ESMA released a statement clarifying its position on the share trading obligation in a hard Brexit scenario. In its view, all EU27 shares, i.e. ISINs starting with a country code corresponding to an EU27 Member State and, in addition, shares with an ISIN from Iceland, Liechtenstein and Norway are within the … Continue Reading
On 24 May 2019, the FCA published the following revised directions: Direction for EEA passports and Treaty firms; Direction for EEA UCITS; and Direction for EEA alternative investment funds. The revised directions follow the FCA’s confirmation that the deadline for notifying the FCA in relation to joining the temporary permissions regime would be extended until … Continue Reading
On 24 May 2019, Theresa May MP announced that she will resign as Prime Minister on 7 June; a Conservative Party leadership contest is due to take place the following week. Mrs May said she had done “everything I can” to convince MPs to support the withdrawal deal she had negotiated with the EU but … Continue Reading
On 24 May 2019, the FCA confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of October 2019. The TPR allows EEA-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for this limited … Continue Reading
On 22 May 2019, Prime Minister Theresa May MP delivered a statement to the House of Commons on her new Brexit deal. The statement repeats the points made in her Brexit speech on Tuesday (our blog is here) although the following points are made: the Withdrawal Agreement Bill will be published on Friday so that … Continue Reading
On 21 May 2019, Theresa May delivered a speech on a new Brexit deal in light of discussions with the Labour party and the Cabinet. The speech focuses on compromises that will be included in the Withdrawal Agreement Bill when it comes for its second reading in Parliament (anticipated the week commencing 3 June). The … Continue Reading
Introduction On 16 May 2019, the PRA published a speech given by its CEO, Sam Woods. In his speech Mr Woods discusses what the UK system of financial regulation might look like after the UK leaves the EU. Stringency Mr Woods states that in terms of the stringency of financial regulation, the PRA has a … Continue Reading
On 7 May 2019, the Courts and Tribunals Judiciary published a speech by Sir Geoffrey Vos, Chancellor of the High Court, on the effect of Brexit on financial services disputes in London. In his view, Brexit will “probably not … have quite the dramatic effect that some people have suggested”. Key takeaways from the speech … Continue Reading
On 18 April 2019, the FCA published a Dear CEO letter which explains its view of the key harms that brokerage firms operating in wholesale financial markets pose to their clients and markets. The letter also sets out the FCA’s strategy to mitigate the drivers of those harms. In terms of Brexit, the letter states: … Continue Reading
On 18 April 2019, the Bank of England (BoE) and the PRA co-published a joint Policy Statement which includes final versions of policy materials for a hard Brexit including EU Exit Instruments, Supervisory Statements and a Statement of Policy, which were published as ‘near’ final on 28 February 2019. This version of the Policy Statement … Continue Reading
On 12 April 2019, the FCA published notifications amending the Directions concerning the temporary permissions regime in light of the further extended Article 50 process. The FCA has published: Temporary Permission Notification (FSMA); Temporary Permission (UCITS); Temporary Permission (AIFM); Temporary Permission (emoney); and Temporary Permission (payments). These documents extend the notification window for the temporary … Continue Reading
On 11 April 2019, The European Union (Withdrawal) Act 2018 (Exit Day) (Amendment) (No. 2) Regulations 2019 were made. The Regulations enshrine the conclusions of the European Council Decision of 11 April 2019 (our blog on which is here) into UK law. The Regulations amend The European Union (Withdrawal) Act 2018, section 20, altering the … Continue Reading
On 11 April 2019, there was published on legislation.gov.uk The Law Applicable to Contractual Obligations and Non-Contractual Obligations (Amendment etc.) (EU Exit) Regulations 2019 together with an explanatory memorandum. The Regulations were made on 29 March 2019 and our earlier blog on these Regulations is here. You can track the financial services Brexit EU Exit … Continue Reading
The EU Withdrawal (No.5 Bill) received Royal Assent earlier this week becoming the European Union (Withdrawal) Act 2019 (the 2019 Act). Section 1 of the 2019 Act places a legal obligation on the Government, requiring a Minister to move a motion in the House of Commons which states: “That this House agrees for the purposes … Continue Reading
On 10 April 2019, there was published in the Official Journal of the EU: Commission Delegated Regulation (EU) 2019/564 of 28 March 2019 amending Delegated Regulation (EU) 2016/2251 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council as regards the date until which counterparties may continue to apply their risk-management procedures … Continue Reading
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 … Continue Reading
On 5 April 2019, the International Swaps and Derivatives Association published a letter it had sent jointly with a number of UK and international financial services trade bodies (including AFME, the FIA and AIMA) to HM Treasury regarding the recognition of EEA derivatives trading venues under EMIR and MiFIR as they apply in the UK … Continue Reading
On 8 April 2019, the FCA announced that it had agreed two Memoranda of Understanding (MoU) with the Australian Securities and Investments Commission (ASIC) to ensure there is continuity once the UK leaves the EU. The MoUs cover trade repositories and alternative investment funds (AIFs). The MoU on trade repositories will ensure that ASIC can … Continue Reading
On 5 April 2019, following the adoption of European Commission Implementing Decision (EU) 2019/544 of 3 April 2019 (our blog is here), the European Securities and Markets Authority has issued a new recognition decision to make sure that the UK central counterparties (LCH Limited, ICE Clear Europe Limited and LME Clear Limited) are recognised in … Continue Reading
On 4 April 2019, there was published on legislation.gov.uk a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.2) Regulations 2019 together with an explanatory memorandum. These Regulations make amendments to a number of financial services EU Exit statutory instruments and to an EU delegated regulation, correcting errors identified in legislation after it was … Continue Reading
