United Kingdom

Topic: Brexit

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Queen’s Speech 2019: financial services aspects

On 14 October 2019, the Queen delivered her Speech, outlining the Government’s legislative agenda. The Queen’s Speech sets out 26 legislative bills, of which seven are entirely concerned with measures for leaving the European Union. In addition, the Government has published a background briefing relating to the Queen’s Speech, providing a summary of the content … Continue Reading

European public holidays: Brexit day +1

The United Kingdom may withdraw from the European Union on 31 October 2019. The following day, 1 November 2019, is a public holiday in a number of European jurisdictions. These include: Austria Belgium Croatia France Hungary Italy Lithuania Luxembourg Poland Portugal Slovakia Slovenia Spain Germany* (Baden-Württemberg, Bayern, Rheinland-Pfalz, Nordrhein-Westfalen and Saarland) Switzerland* (Appenzell Innerrhoden, Glarus;Jura, … Continue Reading

FCA Market Watch 61

On 7 October 2019, the FCA published the latest issue of Market Watch (no. 61), its newsletter on market conduct and transaction reporting issues. In this issue of Market Watch, the FCA provides information to help firms prepare for a possible no-deal Brexit on 31 October 2019. Firms requiring guidance on Brexit-related issues should look … Continue Reading

EBA urges continued progress in Brexit preparations

On 8 October 2019, the European Banking Authority (EBA) published a communication on the remaining issues related to the preparation by financial institutions for the withdrawal of the UK from the EU. In this communication, the EBA warns firms and national competent authorities against complacency and urges them to continue progress on contingency planning. In … Continue Reading

ESMA update statements on preparations for a no-deal Brexit

On 7 October 2019, the European Securities and Markets Authority (ESMA) published a statement providing an update on the UK’s withdrawal from the European Union and preparations for a possible no-deal Brexit scenario on 31 October 2019. In the statement, ESMA confirms that the reference date in all of its previously published measures and actions, … Continue Reading

Updated briefing slides: Doing business in the EU

We have recently updated our briefing slides on the measures that Member States are implementing for a no-deal Brexit. In particular, the slides include a new section on Luxembourg and updates to the following jurisdictions: Germany, France, Italy, Poland, Finland and Spain. The briefing slides can be accessed here. Our Brexit Pathfinder hub is a … Continue Reading

New webinar recording – Brexit: the final countdown?

The recording from our latest 40 minute briefing webinar is now available. In this webinar our London team discuss what they are seeing in the market as firms make their preparations for a no deal Brexit. They also cover the PRA and FCA temporary transitional relief powers and ask the question of what legal and … Continue Reading

Ofgem open letter on REMIT contingency arrangements for no-deal Brexit

On 27 September 2019, the Office of Gas and Electricity Markets (Ofgem) published a letter providing an update to market participants on how Brexit no-deal UK contingency arrangements would work for the Regulation on Energy Market Integrity and Transparency (REMIT). In March 2019, Ofgem published a letter setting out the REMIT contingency arrangements in the … Continue Reading

Tomorrow’s financial services breakfast webinar – Brexit: the final countdown?

As previously advertised, this month’s financial services breakfast briefing will take place tomorrow in the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA are … Continue Reading

Next financial services breakfast webinar – Brexit: the final countdown?

As previously advertised, the monthly financial services breakfast briefing on Wednesday 2 October will take the form of a webinar rather than a seminar. In this webinar we discuss what we are seeing in the market as firms make their preparations for a no deal Brexit. We also look at how the PRA and FCA … Continue Reading

UK Supreme Court rules that the suspension of Parliament was unlawful

On 24 September 2019, the UK Supreme Court ruled that the Government’s suspension of Parliament was unlawful. The UK Supreme Court judgment can be found here. Key points in the judgment include: Paragraph 52: to the question of whether the Prime Minister’s advice to the Queen concerning the suspension of Parliament was lawful, the Supreme … Continue Reading

Andrew Bailey speech on preparing financial services industry for Brexit

On 16 September, the FCA has published a speech given by its chief executive, Andrew Bailey. The speech was delivered at Bloomberg in London and is entitled Preparing for Brexit in financial services: the state of play. In his speech, Mr Bailey presents a summary of the FCA’s current work in preparing the financial services … Continue Reading

Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019

On 13 September 2019, the Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019 (Regulations) were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various amendments to the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (2018 Regulations) which relate to the UK implementation of the European Benchmarks Regulation … Continue Reading

New Brexit related statutory instruments

On 6 September 2019, the following Brexit statutory instruments were published: The Capital Requirements (Amendment) (EU Exit) Regulations 2019 together with an explanatory memorandum. The statutory instrument is intended to ensure that the Capital Requirements Regulation (CRR), as amended by the Capital Requirements Regulation II (CRR II), continues to operate effectively once the UK has … Continue Reading

FCA Quarterly Consultation

On 6 September 2019, the FCA published Consultation Paper 19/27: Quarterly Consultation No 25 (CP19/27). Chapter 7 of CP19/27 sets out further Brexit-related changes to the FCA Handbook and binding technical standards (BTS) following the extension of the Article 50 process to 31 October 2019. The FCA states that although the proposed changes are minor … Continue Reading

BoE letter to Treasury Committee re Brexit economic analysis

On 3 September 2019, the House of Commons’ Treasury Committee published a letter that it had received from Mark Carney, Governor of the Bank of England (BoE). The letter was in response to an earlier Treasury Committee letter concerning the scenarios that were published by the BoE in November 2018 regarding how different Brexit outcomes … Continue Reading

EPC update on Brexit and SEPA transactions involving UK-based participants

On 2 September 2019, the European Payments Council (EPC) published recommendations for all participants in Single Euro Payments Area (SEPA) schemes in the event of a no-deal Brexit on 31 October 2019. The guidance follows an earlier EPC decision in March 2019 that approved an application from UK Finance for the continued participation of UK … Continue Reading

ECB advises banks to ramp up no-deal preparations

On 14 August 2019, the European Central Bank (ECB) published an article on its website calling on banks to step up their preparations for a no-deal Brexit at the end of October 2019. The ECB asserts that banks have transferred significantly fewer activities, critical functions and staff to euro area entities than originally foreseen as … Continue Reading
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