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
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
On 11 October 2019, the FCA issued a press release concerning its latest expectations for firms on Brexit. The FCA reports that it is aware that leaving the EU during the working week could pose operational challenges for firms. During this time firms should take reasonable steps to be prepared to comply with post-exit MiFID … Continue Reading
On 9 October 2019, the UK Parliament updated its webpage on the Financial Services (Implementation of Legislation) Bill 2017-19 (Bill) to confirm that the Bill failed to complete its passage through Parliament before the end of the session. This means the Bill will make no further progress. This is a result of the prorogation of … Continue Reading
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
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
On 8 October 2019, the UK Government published its ‘No-Deal Readiness Report’ in preparation of the potential likelihood of the UK’s withdrawal from the EU without a deal. In the foreword of the report, UK Prime Minister, Boris Johnson reiterates his position that the UK must be prepared to leave the EU on 31 October … Continue Reading
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
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
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
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
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
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
On 26 September 2019, the FCA provided an update on its temporary transitional power (TTP). The FCA has published draft directions which update those made on 28 March 2019. The FCA has also updated its explanatory note providing guidance on the use of the TPP. The FCA reports that the main updates relate to: extending … Continue Reading
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
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
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
On 11 September 2019, the FCA published a press release announcing that it is stepping up efforts to ensure firms are aware of what they need to do in preparation of a no-deal Brexit. The FCA will be running a series of digital adverts signposting to the FCA Brexit webpages and has set up a … Continue Reading
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
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
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
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
On 18 August 2019, the UK Government issued a press release stating that the Secretary of State for Exiting the EU, Steve Barclay MP, had “signed the legislation setting in stone the repeal” of the European Communities Act 1972 (ECA 1972). The press release goes on to say that the repeal of the ECA 1972 … Continue Reading
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
