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
On 4 April 2019, there was published in the Official Journal of the EU: Commission Implementing Decision (EU) 2019/544 of 3 April 2019 amending Implementing Decision (EU) 2018/2031 determining, for a limited period of time, that the regulatory framework applicable to central counterparties in the United Kingdom of Great Britain and Northern Ireland is equivalent, … Continue Reading
Last night in the House of Commons, MPs voted to approve by one vote the European Union (Withdrawal) (No.5) Bill. The Bill, presented by Yvette Cooper MP on Tuesday, requests that if the Bill receives Royal Assent, the Prime Minister must move a motion in the House of Commons which should state (see, s1(2) of … Continue Reading
On 3 April 2019, we will be holding an extended financial services breakfast briefing on Brexit. Many financial services firms have already executed their Brexit contingency plans and in this briefing partners from the Norton Rose Fulbright LLP financial services team will discuss what they have been seeing in three key sectors: banks, buy-side and … Continue Reading
On 29 March 2019, the Financial Markets Law Committee (FMLC) published a document considering the legal uncertainties arising from the changes proposed by the Securitisation (Amendment) (EU Exit) Regulations 2019. The FMLC identifies issues within the Regulations relating to: EU legislative references, including cross-references to EU Directives; the geographical scope of the onshored securitisation regime, … Continue Reading
On Friday 29 March, MPs voted 344 to 286 to reject a Government motion which would have approved the draft Withdrawal Agreement. Whilst the House of Commons’ vote captured the headlines, a number of important papers were published by the FCA during the course of the afternoon, finalising preparations for a no-deal Brexit. This blog … Continue Reading
After five hours of debate, MPS voted 344 to 286 to reject a Government motion which would have approved the draft Withdrawal Agreement. A House of Commons library paper on the debate stated the following in the instance where the Commons does not approve the Withdrawal Agreement: “If the UK Parliament does not approve the … Continue Reading
On 27 March 2019, The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk along with an explanatory memorandum. Our earlier blog on the content of these Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain … Continue Reading
On 27 March 2019, The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk together with an explanatory memorandum. Our earlier blog on the content of these Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) … Continue Reading
Last night, the House of Commons (the Commons) held a series of indicative votes following its resolution of 25 March 2019 which provided for a series of votes on ways the Government could proceed as regards its Brexit strategy. Earlier in the day, the Commons debated the Business of the House motion stemming from the … Continue Reading
On 26 March 2019, the Association for Financial Markets in Europe (AFME) published a document containing wording setting out the selling restrictions for equity transactions for use following a no-deal Brexit or a Brexit with a deal/transitional period, as applicable. The wording within the document covers those selling restrictions that are most frequently used in … Continue Reading
On 26 March 2019, the FCA published its March regulation round-up. The regulation round-up summarises recent and ongoing work the FCA is conducting over a variety of areas. Amongst other things, the FCA notes that it will not switch over its IT systems to replace the European Securities and Markets Authority’s MiFID systems on the … Continue Reading
On 25 March 2019, FCA updated its temporary permissions regime (TPR) webpage to announce an extension to the notification window for firms and funds wishing to enter into the TPR until the end of 11 April 2019. This extension to the original 28 March 2019 deadline for firms and funds who wish to enter the … Continue Reading
On 26 March 2019, the Uncertificated Securities (Amendment and EU Exit) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog addressing the content of these Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) … Continue Reading
On 26 March 2019, the Securitisation (Amendment) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog addressing the content of these Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) on our … Continue Reading
