Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Category Archives: Brexit

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European Commission Publishes Speech on Equivalence and Supervisory Convergence

Posted in Brexit, EU Developments, Financial Markets
On April 25, the European Commission (EC) published a speech given by Vice President Valdis Dombrovskis, European Commissioner for Financial Stability, Financial Services and Capital Markets Union (CMU), on the challenges facing EU financial services policy. In the speech, among other things, Mr. Dombrovskis considered the implications for financial services of the UK’s departure from… Continue Reading

UK Prime Minister Announces Snap General Election

Posted in Brexit, Brexit/UK Developments, UK Developments
On April 18, UK Prime Minister Theresa May announced her intention for a general election to be held on June 8. The announcement came three weeks after the March 29 submission by the United Kingdom of the “Article 50” notice to begin exit negotiations from the European Union (for further information see the Corporate &… Continue Reading

PRA Issues “Dear CEO” Letters on Brexit Contingency Planning

Posted in Brexit, UK Developments
On April 7, the Prudential Regulation Authority (PRA) published a copy of the “Dear CEO” letter it had sent to firms relating to contingency planning for the UK’s withdrawal from the European Union. The letter was sent by Sam Woods, chief executive officer of the PRA, in response to a speech by Mark Carney, governor… Continue Reading

UK Triggers Article 50; Great Repeal Bill White Paper Published

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 29, the United Kingdom submitted its “Article 50 Notice” to begin its departure from the European Union in the form of a letter (Notice) from Prime Minister Theresa May to EU Council President Donald Tusk. The Notice marks the formal start of a two-year process of negotiations to exit the European Union. If… Continue Reading

UK Government Responds to House of Lords EU Committee Report on Brexit and Financial Services

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 20, the UK government published its response (Response) to the House of Lords EU Sub-Committee on Financial Affairs report on Brexit and financial services (Report). In the Report, which was published in December 2016, the Committee set out recommendations for the government relating to financial services, covering issues such as transitional arrangements and… Continue Reading

UK Parliament Formally Adopts Brexit Bill

Posted in Brexit, Brexit/UK Developments, UK Developments
On March 13, the UK Parliament passed the European Union (Notification of Withdrawal) Bill (Bill). The Bill received Royal Assent on March 16. During the course of debates on the Bill, the UK House of Lords had proposed two amendments, one relating to the rights of EU and European Economic Area (EEA) citizens legally resident… Continue Reading

Government Publishes Report on UK Trade Options After Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 7, the UK House of Commons International Trade Committee (Committee) published a report titled “UK trade options beyond 2019” (Report). In the Report, the Committee examines different potential models for UK international trade after the United Kingdom leaves the European Union. The Report covers the UK’s relationship with the World Trade Organization (WTO),… Continue Reading

UK House of Commons Votes on the Brexit Bill and Government Issues White Paper

Posted in Brexit, Brexit/UK Developments
On February 1, the House of Commons voted on the European Union (Notification of Withdrawal) Bill (Bill), which, when passed, will allow the Prime Minister to notify the European Council of the United Kingdom’s intention to withdraw from the European Union. Further information on the Bill can be found in the Corporate & Financial Weekly Digest edition… Continue Reading

UK Supreme Court Rules That Article 50 Requires an Act of Parliament and Government Publishes Withdrawal Bill

Posted in Brexit, Brexit/UK Developments
On January 24, the UK Supreme Court issued its judgment in R (on the application of Miller and Dos Santos) v Secretary of State for Exiting the European Union—the appeal of the High Court of Justice’s decision of November 3, 2016—on the proper constitutional process that the UK government must follow in submitting notice to… Continue Reading

UK Announces Brexit Negotiating Principles

Posted in Brexit, Brexit/UK Developments, UK Developments
On January 17, UK Prime Minister Theresa May laid out the UK government’s negotiating principles for the United Kingdom’s departure from the European Union, which heralds a new, more substantive phase of the Brexit process. The Prime Minister’s theme for the speech was the creation of a “stronger, fairer and global Britain” alongside a “new… Continue Reading

Law Society Publishes Response to Consultation on the Regulatory Perimeter

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On January 10, the Law Society of England & Wales (Law Society) published its response to HM Treasury’s September 2016 consultation (Consultation) on amending the definition of “financial advice” for the purposes of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) (the UK legislation that defines which activities are regulated and with… Continue Reading

Treasury Committee Calls for Written Submissions on EU Transitional Arrangements

Posted in Brexit, EU Developments, Financial Markets, UK Developments
On December 12, the UK Treasury Committee (Committee) published a call for written submissions (Call) on transitional arrangements. The Call forms part of the Committee’s inquiry into the United Kingdom’s future economic relationship with the European Union, and seeks evidence on the possible relationships that the United Kingdom might pursue with the European Union and… Continue Reading

Update on UK Brexit Challenge

Posted in Brexit, Brexit/UK Developments, EU Developments
On November 25, the UK Supreme Court published an update (Update) on its website concerning R (on the application of Miller & Dos Santos) v Secretary of State for Exiting the European Union (the Article 50 “Brexit” case). The Update confirms that the UK Supreme Court had considered and determined the outcomes of further applications… Continue Reading

Briefing Paper on Legislating for Brexit and the Great Repeal Bill Published

Posted in Brexit, Brexit/UK Developments, EU Developments, UK Developments
On November 21, the House of Commons published a briefing paper (Paper) that suggested legislation regarding Brexit and the Great Repeal Bill. The Paper covers topics including the likely features of the Great Repeal Bill, the process for repealing the European Communications Act 1972 (ECA), the transposition of EU law into UK law, other primary… Continue Reading

EU Commissioner Confirms No Rush To Relocate Euro Clearing Inside Eurozone

Posted in Brexit, EU Developments, Financial Markets
A senior European official has stated that the European Union has no immediate plans to push for the euro-denominated clearing business of London clearinghouses to relocate inside the Eurozone. Speaking at an event in Washington, DC, Valdis Dombrovskis, the member of the European Commission (Commission) responsible for financial services, noted that among the many issues… Continue Reading

ESMA Publishes Advice on Potential Extension of AIFMD Marketing Passport

Posted in Brexit, EU Developments, Financial Markets
On July 19, the European Securities and Markets Authority (ESMA) published its long-delayed and much anticipated advice to the European Commission (Commission) in relation to the extension of the Alternative Investment Fund Managers Directive (AIFMD) marketing passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs). In it, ESMA gives broadly positive… Continue Reading

BREXIT UPDATE

Posted in Brexit
Nathaniel Lalone, a Financial Services partner at Katten Muchin Rosenman UK LLP, will continue to share his insight into the evolution of the relationship between the United Kingdom and European Union in the wake of the Brexit vote. On July 13, he published an article in Bloomberg Law on the issue of the “passport,” which refers… Continue Reading

European Commission Adopts EU-US Privacy Shield

Posted in Brexit, EU Developments, Financial Markets
On July 12, the European Commission (EC) published an implementing decision (Adequacy Decision) under the EU directive on the protection of individuals with regard to the processing and free movement of personal data (Directive). The Adequacy Decision responds to the uncertainty in relation to transatlantic transfers of personal data introduced by the European Court of… Continue Reading