United Kingdom

Topic: Brexit

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The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020

On 26 June 2020, there was published on legislation.gov.uk The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2020 (the SI) together with an explanatory memorandum and impact assessment. Part 2 of the SI makes changes to primary legislation – the Financial Services and Markets Act … Continue Reading

Draft SI – The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020

On 25 June 2020, HM Treasury published a draft of The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 together with a draft explanatory memorandum. The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (Equivalence Regulations 2019) would have enabled HM Treasury and the UK regulators … Continue Reading

Prudential standards in the Financial Services Bill – June update

On 23 June 2020, HM Treasury published a policy statement providing detail on its legislative approach for prudential standards in the Financial Services Bill. The policy statement also provides detail on how the government will tailor the prudential regimes to the specifics of the UK market. At the 11 March Budget, the government published its … Continue Reading

Observations on the UK’s ambitions for the future economic partnership in financial services

This month the UK and the EU enter a critical phase of negotiations regarding the future relationship between the two sides after Brexit. On May 19, 2020, the UK Government published several documents setting out its proposed texts for the future relationship between the UK and the EU. This included the much anticipated proposed free … Continue Reading

Doing business in the EU after the transition period

We have updated our popular client briefing note ‘Doing business in the EU’ covering the temporary transitional relief measures EU27 Member States are implementing, if any, for the period after the transition period should the UK/EU not enter into a free trade agreement. For a copy of the updated briefing note please contact Simon Lovegrove.… Continue Reading

Government response to the financial services after Brexit inquiry

On 11 June 2020, the House of Lords EU Financial Affairs Sub-Committee published a letter dated 27 May 2020 from John Glen MP, Economic Secretary to the Treasury, to the Chair of the House of Lords EU Financial Affairs Sub-Committee, regarding the committee’s review of financial services post Brexit. Key points in the letter include: … Continue Reading

Government publishes draft UK-EU Comprehensive Free Trade Agreement

On 19 May 2020, the Government published the following draft legal texts to accompany its February 2020 policy paper, The future relationship with the EU. The draft legal texts comprise: UK-EU Comprehensive Free Trade Agreement (chapter 17 deals with financial services). UK-EU CFTA Annexes. Fisheries Framework Agreement. Air Transport Agreement. Civil Aviation Safety Agreement. Annexes … Continue Reading

Joint BoE and PRA statement on the proposed use of temporary transitional powers at the end of the transition period

On 30 April 2020, the Bank of England (BoE) and the PRA issued a joint statement relating to HM Treasury’s intention to ‘shift’ the temporary transitional power (TTP) so it will be available for up to two years after the end of the transition period. The BoE and the PRA intend to use the TTP … Continue Reading

HM Treasury: Guidance: Trade Repository Registration Arrangements under the UK Securities Financing Transactions Regulation

 On 30 April 2020, HM Treasury published a web page stating that at the end of the transitional period it would bring forward legislation similar to The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018. Such legislation would help enable trade repositories to register with the FCA or apply in advance to operate … Continue Reading

Draft Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020

On 21 April 2020, there was published on legislation.gov.uk a draft of the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020. The draft Regulations make certain amendments to secondary legislation and revokes parts of retained EU law to address deficiencies arising from Brexit. It also makes miscellaneous amendments to financial services statutory instruments made under … Continue Reading

HM Treasury statement on use of regulators’ temporary transitional power after end of Brexit transition period

On 25 March 2020, there appeared on the www.parliament.uk website a written statement from John Glen MP (Economic Secretary to the Treasury) in which he confirms that HM Treasury will retain the regulators’ “Temporary Transitional Power” (TTP), which was introduced via the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, and shift … 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

Prudential standards in the Financial Services Bill: Policy Statement

On 11 March 2020, HM Treasury published a Policy Statement confirming the Government’s intention to implement the internationally agreed Basel III banking standards in the UK. The statement also announces the Government will take powers to enable the implementation of updated prudential rules for UK banks and investment firms. Public consultations will be launched on … Continue Reading

Market access arrangements for financial services between the UK and Gibraltar: a consultation

On 11 March 2020, HM Treasury published a consultation paper setting out proposals to introduce new market access arrangements for financial services between the UK and Gibraltar. Gibraltar was not a Member State of the EU in its own right. In EU law, Gibraltar was classified as a European territory for whose external relations a … Continue Reading

HM Treasury letter – UK preparations for assessments of financial services equivalence

On 2 March 2020, HM Treasury published a letter (dated 27 February 2020) 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. Key points in the letter include: the UK is committed to meeting the end of … Continue Reading

HM Government policy paper: Our approach to the future relationship with the EU

On 27 February 2020, the UK Government published a document setting out its approach to the future relationship with the EU. The approach lays out a suite of proposals with the main element being a comprehensive Free Trade Agreement covering substantially all trade. The UK Government is seeking the type of agreement that the EU … 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

Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment etc and Transitional Provision) (EU Exit) Regulations 2020

On 24 February 2020, HM Treasury published the draft text of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020. The purpose of the draft statutory instrument is to ensure that the requirements imposed by EMIR 2.2 continue to apply in the UK after the … 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

Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020

On 5 February 2020, there was published on the legislation.gov.uk website, the Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (the Regulations), together with an explanatory memorandum. The Regulations are being made under section 2(2) of the European Communities Act 1972, which was repealed by the European … Continue Reading
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