United Kingdom

Topic: Brexit

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PSR policy statement and final EU exit instrument onshoring RTS under IFR

On 5 March 2019, the Payment Systems Regulator (PSR) published Policy Statement 19/1: Onshoring EU regulatory technical standards under the Interchange Fee Regulation (PS19/1). In PS19/1 the PSR sets out the final EU Exit instrument for onshoring Commission Delegated Regulation (EU) 2018/72 supplementing Article 7 of the Interchange Fee Regulation (IFR). Article 7(1)(a) of the … Continue Reading

Ofgem publishes update on REMIT contingency arrangements in no-deal Brexit

On 1 March 2019, the Office of Gas and Electricity Markets (Ofgem) published a letter updating energy market participants on no-deal Brexit REMIT contingency arrangements. The letter covers three main areas: (i) monitoring and enforcement; (ii) registration; and (iii) data reporting. Ofgem currently has no further communications planned in advance of 29 March, but should … Continue Reading

Statements of Policy on the operation of the MiFIR transparency regime

On 4 March 2019, the FCA published Statements of Policy on the operation of the MiFIR transparency regime, if the UK leaves the EU without a deal. The FCA reports that the onshored UK MiFR transparency regime provides it with new decision-making powers as well as new obligations. This includes a degree of flexibility during … Continue Reading

Brexit: Financial Services breakfast briefing – 6 March 2019

As previously advertised, the monthly financial services breakfast briefing on Wednesday 6 March will take the form of a webinar rather than a seminar. The webinar will start at 9:00am and finish at 9:30am. The webinar will focus on Brexit, specifically our speakers will share their thoughts on the following questions: Where are we at … Continue Reading

Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019

On 27 February 2019, The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk alongside an explanatory memorandum. Our earlier blog on 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 … Continue Reading

Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019

On 28 February 2019, The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk alongside an explanatory memorandum. Our earlier blog on 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 … Continue Reading

EBA opinion on Brexit deposit protection issues

On 1 March 2019, the European Banking Authority (EBA) published an opinion on deposit protection issues stemming from a no-deal Brexit. The Deposit Guarantee Schemes Directive (DGSD) does not contain provisions covering cooperation with third country authorities, nor does it set out how cross-border pay-outs involving a third country branch established in the EU should … Continue Reading

The Money Market Funds (Amendment) (EU Exit) Regulations 2019

On 26 February 2019, the Money Market Funds (Amendment) (EU Exit) Regulations 2019 were made and published on legislation.gov.uk, together with an explanatory memorandum. Our earlier blog on the draft SI can be found here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to our Brexit resources) … Continue Reading

The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.2) Regulations 2019

On 28 February 2019, HM Treasury published a draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No.2) Regulations 2019. The draft statutory instrument (SI) is part of a wider package of SIs laid by HM Treasury in order to ensure the UK continues to have a functioning financial services regulatory framework after the UK … Continue Reading

ESMA trade repository announcements

On 1 March 2019, the European Securities and Markets Authority announced that it had registered DTCC Data Repository (Ireland) PLC as a trade repository under EMIR, with effect from 1 March 2019. ESMA has also announced that it has withdrawn the registration of Bloomberg Trade Repository Ltd (UK). All Bloomberg clients have already been transferred … Continue Reading

UK regulators issue near final rules for no-deal Brexit

On 28 February 2019, the FCA, PRA and Bank of England (BoE) (collectively, the Regulators) published a number of policy documents following on from their Autumn 2018 consultations, on their respective approaches to a hard Brexit. FCA: Brexit Policy Statement: Feedback on CP18/28, CP18/29, CP18/34, CP18/36 and CP19/2 The FCA has provided its response to … Continue Reading

Government wins House of Commons votes

On 27 February 2019, the House of Commons voted on amendments to the motion: “That this House [the House of Commons] notes the Prime Minister’s statement on Leaving the European Union of 26 February 2019; and further notes that discussions between the UK and the EU are ongoing.” The voting follows the Prime Minister’s announcement … Continue Reading

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

On 26 February 2019, there was published on legislation.gov.uk an amended draft of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum. These Regulations have been laid before Parliament. The content of the Regulations is addressed in our earlier blog here. You can track the financial services Brexit EU Exit … Continue Reading

Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit

On 25 February 2019, the UK and US authorities issued a joint statement on continuity of derivatives trading and clearing post Brexit. The joint statement covers the following issues: Continued supervisory cooperation. The Bank of England (BoE) and the Commodity Futures Trading Commission (CFTC) are in the process of updating, in connection with the UK’s … Continue Reading

EU Exit SIs for Funds and Fund Managers

The following EU Exit statutory instruments have been made: Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019, together with an explanatory memorandum (our earlier blog is here); and The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019, together with an explanatory memorandum (our earlier blog is here). You can track the financial services … Continue Reading

HM Treasury confirms exemption for pension scheme arrangements under EMIR Refit Regulation will continue to apply to both UK and EEA arrangements on no-deal Brexit

On 21 February 2019, HM Treasury published a web page providing guidance on the EMIR Pension Scheme Arrangements clearing exemption in the event of a no deal Brexit. HM Treasury explains that it has previously confirmed in the explanatory memorandum to the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional … Continue Reading

FCA Primary Market Bulletin No 21: no-deal Brexit impact on short selling and market abuse

On 22 February 2019, the FCA published its 21st Primary Market Bulletin – its newsletter for primary market participants. In this edition of Primary Market Bulletin, the FCA states that HM Treasury has laid the statutory instruments for onshoring the Short Selling Regulation (SSR) and Market Abuse Regulation (MAR). The FCA expects firms and other … Continue Reading

Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2019 have been made and published on legislation.gov.uk, alongside an explanatory memorandum. Our earlier blog on the Regulations is here. You can track the financial services Brexit EU Exit statutory instruments (as well as gain access to … Continue Reading
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