Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Brexit

ESMA Publishes Opinions To Support Supervisory Convergence Post-Brexit

Posted in EU Developments
On July 13, the European Securities and Markets Authority (ESMA) published three opinions (Opinions) to support supervisory convergence (i.e., a consistent approach to authorization, supervision and enforcement) in the European Union in light of the potential relocation of entities from the United Kingdom to the remaining 27 member states of the EU (EU27) following Brexit.… Continue Reading

ESMA Invites European Commission To Strengthen EU Third-country Equivalence Regime For Key Market Players In Light of Brexit

Posted in EU Developments
On July 10, the European Securities and Markets Authority (ESMA) published a letter (dated July 7) (Letter) from Steven Maijoor, ESMA chair, to Valdis Dombrovskis, European Commission (EC) vice president, on the regulatory regimes for non-EU countries (known as “third countries”) where they are within ESMA’s area of authority.… Continue Reading

European Commission Publishes Proposed EMIR Amendments Impacting the Relocation of Euro Clearing

Posted in Brexit, EU Developments, Financial Markets
On June 13, the European Commission (EC) published a proposed amendment (Proposal) to the European Market Infrastructure Regulation (EMIR) aimed at enhancing the supervision of EU and non-EU based or “third-country” central counterparties (CCPs). The Proposal follows the suggested reforms to EMIR published in May 2017 (for further information, please see the Corporate & Financial… Continue Reading

FIA Publishes Letter Opposing Relocation of Euro-Denominated Derivatives Clearing

Posted in Brexit, Derivatives, EU Developments, Financial Markets
On June 6, the Futures Industry Association (FIA) published a letter addressed to European Commission (EC) Vice–President Valdis Dombrovskis, detailing its concerns about the potential approach of forced relocation of euro-denominated derivatives clearing to the European Union. Forced relocation was raised as an option for ensuring the protection of the financial stability and monetary policy… Continue Reading

European Commission Publishes Draft of EU Position Papers for Brexit Negotiations

Posted in Brexit, EU Developments
On May 29, the European Commission (EC) published two draft papers (Position Papers) setting out the position that it will take in negotiations with the United Kingdom relating to citizens’ rights (CR Paper) and the financial settlement to be reached with the United Kingdom (FS Paper).… Continue Reading

European Union Adopts Brexit Negotiation Guidelines

Posted in Brexit/UK Developments, EU Developments, Financial Markets
On April 29, a Special European Council, meeting as 27 member states (as opposed to the full 28 member states, as would usually be present), adopted the Article 50 guidelines (Guidelines) to formally define the EU’s position in Brexit negotiations with the United Kingdom. This follows the resolution of the European Parliament on key principles… Continue Reading

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

UK Government Must Consult Parliament Before Triggering Withdrawal From European Union, Court Rules

Posted in Brexit/UK Developments
On November 3, a three-member panel of the High Court of Justice’s Queen’s Bench Division ruled that government ministers do not have the unfettered right to trigger the United Kingdom’s withdrawal from the European Union by submitting notice under Article 50 of the Treaty on European Union. In a strongly worded opinion citing English case… Continue Reading