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Topic: Brexit

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The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019

On 14 February 2019, there was published on legislation.gov.uk, the Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has minor changes to the draft published by HM Treasury on 13 November 2018 (our blog is here). You can track the financial services … Continue Reading

The Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019

On 14 February 2019, there was published on legislation.gov.uk, the Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019, together with an explanatory memorandum. The statutory instrument has minor changes to the draft published by HM Treasury on 21 December 2018 (our blog is here). You can track the financial services Brexit … Continue Reading

The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019

On 14 February 2019, the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum. The statutory instrument has minor changes to the draft published on 30 November 2018 (our blog is here). You can track the financial services Brexit EU Exit statutory instruments (as well as … Continue Reading

Treasury Committee letter on EU Exit SI and the power to designate third countries as equivalent in event of a no-deal Brexit

On 12 February 2019, the House of Commons’ Treasury Committee published a letter from its Chair to the Economic Secretary to the Treasury, John Glen MP. The letter concerns the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. In the letter the Treasury Committee thanks Mr Glen and members of the UK … Continue Reading

Correction slip to draft Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019

On 12 February 2019, there was published on legislation.gov.uk a correction slip to the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019. The correction slip sets out minor amendments to the draft published on 21 January 2019 (our blog is here). These amendments do not impact the substantive content … Continue Reading

Updated draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

On 12 February 2019, HM Treasury published an updated draft of The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019. The updated draft contains minor amendments to the draft of 5 February 2019 (our blog is here) and has now been laid before Parliament. You can track the financial services Brexit EU Exit statutory instruments … Continue Reading

Draft Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations laid before Parliament

On 7 February 2019, there was published on legislation.gov.uk a draft version of The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 which has now been laid before Parliament. The draft statutory instrument was first published by HM Treasury on 6 February 2019 (our blog is here). You can track the financial services Brexit EU Exit statutory … Continue Reading

ESMA publishes new page on Brexit

On 7 February 2019, the European Securities and Markets Authority (ESMA) published a new web page on Brexit. The web page contains information regarding: clearing and settlement – access to UK central counterparties and UK central securities depositories; credit rating agencies and trade repositories; cooperation agreements; and supervisory convergence.… Continue Reading

Draft Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

On 6 February 2019, HM Treasury published a draft of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019. The draft statutory instrument is made under the European Union (Withdrawal) Act 2018 (EUWA 2018) and is part of the contingency planning for a no deal Brexit. Essentially it makes amendments to UK primary and secondary legislation … Continue Reading

Commission adopts Delegated Regulations exempting BoE from MiFID II, EMIR, MAR and SFTR

On 30 January 2019, the European Commission adopted a number of Delegated Regulations that exempt the Bank of England (BoE) and associated applicable bodies from specified requirements under the Markets in Financial Instruments Regulation (MiFIR), the Market Abuse Regulation (MAR), the European Markets Infrastructure Regulation (EMIR) and the Securities Financing Transaction Regulation (SFTR). Each of … Continue Reading

Draft Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

On 5 February 2019, HM Treasury published a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations together with an explanatory memorandum. The draft statutory instrument (SI) makes a number of minor amendments to various UK statutory instruments to ensure that the legislation it amends continues to operate effectively following the UK’s withdrawal from … Continue Reading

Bank of England and ESMA agree MoUs

On 4 February 2019, the Bank of England announced that it had agreed, with the European Securities and Markets Authority (ESMA), Memoranda of Understanding (MoUs) regarding cooperation and information-sharing arrangements with respect to central counterparties (CCPs) and central securities depositories (CSDs). The MoUs follow the adoption by the European Commission in December 2018 of temporary … Continue Reading

New FCA webpage – Brexit – what we expect firms and other regulated persons to do now

On 1 February 2019, the FCA published a new web page, Brexit – what we expect firms and other regulated persons to do now. HM Treasury has published draft legislation which gives the UK financial regulators the power to make transitional provisions connected to changes to financial services legislation. In a hard Brexit scenario, the … Continue Reading

FCA agrees MoUs with ESMA and EU regulators to allow cooperation and exchange of information

On 1 February 2019, the FCA announced that it had agreed Memoranda of Understanding (MoUs) with the European Securities and Markets Authority (ESMA) and EU27 regulators dealing with cooperation and exchange of information in the event of a hard Brexit scenario. The MoUs are: a multilateral MoU with EU and EEA national competent authorities covering … Continue Reading

ESMA clarifies the reporting and handling of derivative data in case of no-deal Brexit

On 1 February 2019, the European Securities and Markets Authority (ESMA) issued a public statement on how derivatives data reported under EMIR should be handled in the event that the UK leaves the EU without a Withdrawal Agreement (i.e. a hard Brexit scenario). In the event of a hard Brexit, UK counterparties would not be … Continue Reading

FCA statement on market operators seeking to become ROIEs

On 30 January 2019, the FCA released a statement providing a list of EEA market operators applying to become a recognised overseas investment exchange (ROIE). The statement follows the FCA’s direction of September 2018 that clarified how market operators (as defined by MiFID II) from the EEA could apply to become an ROIE. This enables EEA … Continue Reading

FMLC paper on issues of legal uncertainty arising in the context of the ETS in a hard Brexit scenario

On 30 January 2019, the Financial Markets Law Committee published a paper on issues of legal uncertainty arising from Brexit in the context of emissions allowances. In the event that a version of the Government’s draft Withdrawal Agreement is passed at UK and EU level (with provisions on the EU emissions trading scheme (ETS) remaining … Continue Reading

Draft Financial Services and Markets Act (Amendment) (EU Exit) Regulations 2019

On 31 January 2019, there was published on legislation.gov.uk a draft of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. The draft Regulations have now been laid before Parliament. You can find our earlier blog on the draft Regulations here. You can track the financial services Brexit EU Exit statutory instruments … Continue Reading

Draft Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019

On 29 January 2019, there was published on legislation.gov.uk a draft of The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has been laid before Parliament and was first published on 19 December 2018 (our blog is here). The draft statutory … Continue Reading

Draft Financial Regulators’ Powers (Technical Standards etc) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019

On 29 January 2019, there was published on legislation.gov.uk a draft version of the Financial Regulators’ Powers (Technical Standards etc) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. The draft statutory instrument has been laid before Parliament. The draft statutory instrument is being made in order to ensure … Continue Reading

Italy announces a temporary regime for Italian-UK provision of banking, financial and insurance services

On 24 January 2019, the Ministry of Economic and Finance issued a press release to inform the market that the Italian Government is preparing the necessary measures to ensure the continuity of markets and intermediary business should a hard Brexit occur (i.e. exit with no deal). The press release is available at this link (in … Continue Reading
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