United Kingdom

Topic: Brexit

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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

UK Government statement on future UK / EU relationship

On 3 February 2020, the UK Government published a written statement made by Boris Johnson, UK Prime Minister, setting out the UK Government’s proposed approach to the negotiations with the EU on its future relationship. The statement, amongst other things, outlines that the agreement must respect the sovereignty of both parties and the autonomy of … Continue Reading

FCA updated webpage on what firms should consider during implementation period

On 31 January 2020, the FCA updated its webpage on considerations for UK firms during and after the implementation period, which ends on 31 December 2020. The FCA webpage: sets out a number of questions to help firms assess whether their business may be affected by the end of the implementation period; provides information on … Continue Reading

Is the UK still a member of the EEA?

The European Free Trade Association FAQs on Brexit make a number of statements clarifying the UK’s position as regards EEA membership. Such statements include: The UK ceased to be a Contracting Party to the EEA Agreement after its withdrawal from the EU on 31 January 2020. This follows from the two-pillar structure and Article 126 … Continue Reading

Commission recommendation on mandate for opening negotiations for new partnership between UK and EU

On 3 February 2020, the European Commission (Commission) published its recommendation for a Council of the EU decision authorising the negotiations for a new partnership with the UK. Page 4 of the recommendations contains the draft text of a Council. The Annex on page 8 sets out the Commission’s proposals for the future UK-EU relationship … Continue Reading

ESMA statement on governance and reporting obligations post-Brexit

On 31 January 2020, the European Securities and Markets Authority (ESMA) published a statement providing an update on governance and reporting obligations for UK entities following the UK’s withdrawal from the European Union. From 1 February 2020, the UK’s FCA will no longer be a member of ESMA’s Board of Supervisors or participate in any … Continue Reading

Financial Services (Consequential Amendments) Regulations 2020

On 28 January 2020, there was published on the legislation.gov.uk website, the Financial Services (Consequential Amendments) Regulations 2020 (the Regulations), together with an explanatory memorandum. The Regulations are being made under the European Union (Withdrawal Agreement) Act 2020 (Act 2020) to delay the application of a number of financial services temporary permissions and transitional regimes established by EU Exit instruments made … Continue Reading

HM Treasury letter on post-Brexit equivalence in financial services

On 27 January 2020, the Department for Exiting the European Union (DExEU) published a letter from John Glen MP, Economic Secretary to the Treasury, to Lord Kinnoull, European Union Committee Chair, on equivalence in the area of financial services post-Brexit. Mr Glen begins the letter by reiterating that the financial services provisions in the revised … Continue Reading

European Union (Withdrawal Agreement) Bill 2019-20 receives Royal Assent

On 23 January 2020, the European Union (Withdrawal Agreement) Bill 2019-20 received Royal Assent becoming the European Union (Withdrawal Agreement) Act 2020 (the Act). Amendments made to the Bill in the House of Lords were overturned by MPs sitting in the House of Commons. Article 126 of the Withdrawal Agreement states that there shall be … Continue Reading

OJ: Commission Implementing Decision amending Implementing Decision on temporary equivalence of the UK regulatory framework for CCPs

On 23 December 2019, there was published in the Official Journal of the EU Commission Implementing Decision (EU) 2019/2211 of 19 December 2019 amending Implementing Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties (CCPs) in the UK is equivalent, in accordance with the European Markets … Continue Reading
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