United Kingdom

Topic: Brexit

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Updated draft Collective Investment Scheme (Amendment etc) (EU Exit) Regulations 2018

On 7 December 2018, HM Treasury published an updated draft of the  Collective Investment Scheme (Amendment etc) (EU Exit) Regulations 2018 together with explanatory information. The Regulations appear to have no changes from draft published on 8 October 2018 (our blog on which can be found here). The Regulations are yet to be laid before … Continue Reading

Short Selling (Amendment) (EU Exit) Regulations 2018

On 7 December 2018, there was published on legislation.gov.uk the  Short Selling (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from previous draft published on 10 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into force … Continue Reading

Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018

On 7 December 2018, there was published on legislation.gov.uk the  Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from the draft laid before Parliament on 6 November 2018 (our blog on which can be found here) and have now been made. The … Continue Reading

Central Securities Depositories (Amendment) (EU Exit) Regulations 2018

On 7 December 2018, there was published on legislation.gov.uk the  Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations appear to have no changes from the draft published on 31 October 2018 (our blog on which can be found here) and have now been made. The Regulations will enter into … Continue Reading

ECJ rules that Member States can unilaterally withdraw Article 50 notification

On 10 December 2018, the European Court of Justice (ECJ) delivered the judgment for the case of Wightman and Others v Secretary of State for Exiting the European Union (C-621/18), finding that the UK is free to revoke unilaterally the notification of its intention to withdraw from the EU. On 3 October 2018, the Scottish … Continue Reading

Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018

On 5 December 2018, the draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018 were published on legislation.gov.uk together with an explanatory memorandum. These Regulations contain minor amendments to the draft published on 22 October 2018, and have now been laid before Parliament. Our earlier … Continue Reading

Bank of England (Amendment) (EU Exit) Regulations 2018

On 5 December 2018,  there was published on legislation.gov.uk The Bank of England (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. These Regulations have now been made and contain minor amendments to the draft laid before Parliament on 7 November 2018. Our earlier blog explaining the purpose of the Regulations can be found … Continue Reading

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

The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018

On 30 November 2018, HM Treasury published a draft of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The draft statutory instrument is principally made under section 8 of the EU (Withdrawal) Act and is one of a number of statutory instruments that … Continue Reading

FMLC report on uncertainties arising from draft Brexit statutory instruments on funds

On 30 November 2018, the Financial Markets Law Committee (FMLC) published a report (the Report) on the onshoring of EU legislation with regards investment funds and investment fund managers. Specifically, the Report considers legal uncertainties arising from the changes proposed by the Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, and the Draft … Continue Reading

Draft Credit Rating Agencies (Amendments etc) (EU Exit) Regulations 2018

On 30 November 2018, HM Treasury published a draft version of The Credit Rating Agencies (Amendment, etc.) (EU Exit) Regulations 2019, together with updated explanatory information. The draft Regulations bring into UK law (as retained UK law) the Credit Rating Agencies Regulation, allowing it to function effectively following the UK’s withdrawal from the EU. The … Continue Reading

Dutch Brexit Act submitted to Parliament

On 16 November 2018, the Dutch Minister of Justice and Security (Minister van Justitie en Veiligheid, the Minister) submitted a legislative proposal to the Dutch Parliament proposing changes to a number of laws and regulations in the Netherlands in preparation for Brexit (the Dutch Brexit Act). The explanatory notes to the Dutch Brexit Act provide … Continue Reading

Draft Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018

On 29 November 2018, a draft version of the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2018, together with an explanatory memorandum, was published on legislation.gov.uk. The draft statutory instrument makes amendments to retained EU law related to anti-money laundering to ensure that it continues to operate effectively in a UK … Continue Reading

Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018

On 29 November 2018, a draft version of the Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018, together with an explanatory memorandum, was published on legislation.gov.uk. The purpose of the draft statutory instrument is to address deficiencies in domestic and retained EU law and ensure that the regulatory framework under the AIFMD continues to … Continue Reading

FCA EU Withdrawal Impact Assessment

On 29 November 2018, the FCA published an EU Withdrawal Impact Assessment (the Assessment). The Assessment has been published following a House of Commons’ Treasury Committee request that the FCA assess the impact of the UK’s exit from the EU across three areas: the UK leaves the EU without an agreement either on 29 March … Continue Reading

DexEU long-term economic analysis on Brexit

On 28 November 2018, the Department for Exiting the European Union (DexEU) published a command paper on the long-term economic analysis of the UK’s withdrawal from the EU (the Paper), together with a number of supporting documents. The analysis compares potential future policy scenarios against today’s arrangements, holding all other factors constant – only considering … Continue Reading

Financial Services (Implementation of Legislation) Bill – policy note

On 28 November 2018, HM Treasury published a policy note on The Financial Services (Implementation of Legislation) Bill (the Bill). HM Treasury is currently working on an ‘onshoring project’, which will see around 60 statutory instruments (SIs) made under the European Union (Withdrawal) Act 2018 (EUWA) to ensure a functioning financial services regime at the … 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

Draft Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

On 23 November 2018, HM Treasury issued explanatory information on The Benchmarks (Amendment) (EU Exit) Regulations 2018. The draft statutory instrument is yet to be published. HM Treasury explains that the draft statutory instrument is part of its wider work to prepare for the UK’s withdrawal from the EU. The draft statutory instrument is not … Continue Reading

Withdrawal Agreement and Political Declaration laid before Parliament

On 26 November 2018, the UK Government issued a statement confirming that political agreement had been reached on the draft Withdrawal Agreement, and the Political Declaration for the framework of the future relationship between the UK and the EU. Both documents have been laid before the UK Parliament. The statement provides that the documents are … Continue Reading
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