Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

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Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications

Posted in Brexit/UK Developments, Financial Markets, UK Developments

On January 24, the Bank of England updated its financial market infrastructure supervision websites with interim lists of entities and systems that will enter into the various temporary or transitional arrangements on exit day should the United Kingdom leave the European Union with no implementation period. The lists consist of: Third-country central counterparties (CCPs) that… Continue Reading

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

Posted in Brexit/UK Developments, Financial Markets

On January 15, a draft version of the Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, which have been laid before Parliament, was published together with a draft explanatory memorandum.… Continue Reading

Draft PRIIPs Regulations 2019 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On January 9, a draft of the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (Draft Regulations 2019) was published together with a draft explanatory memorandum. The purpose of the Draft Regulations 2019 is to ensure that the regime established under EU Regulation on Key Information Documents for PRIIPs (PRIIPs Regulation) continues… Continue Reading

FCA TPR Notification Window Now Open for EEA-Passported Firms and Fund Managers

Posted in Brexit, Brexit/UK Developments, UK Developments

On January 7, the UK Financial Conduct Authority (FCA) announced that the notification window for the temporary permissions regime (TPR) is now open. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal (Withdrawal Agreement) has not been ratified by… Continue Reading

FCA Consults on Contractual Certainty Post-Brexit

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets

On January 8, the UK Financial Conduct Authority (FCA) published a consultation paper (CP19/2) on contractual certainty post-Brexit. In the lead-up to the United Kingdom’s exit from the European Union (Brexit) on March 29 (Exit Day), the agreement on the United Kingdom’s withdrawal remains to be ratified by the UK Parliament. If ratification fails, this… Continue Reading

Short Selling (Amendment) (EU Exit) Regulations 2018 Made in Preparation of Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On December 7, the Short Selling (Amendment) (EU Exit) Regulations 2018 (UK Regulations) were published, together with an explanatory memorandum. A draft version of the UK Regulations was published on October 10. The UK Regulations ensure that the regime established in the United Kingdom under the EU Short Selling Regulation (SSR) will continue to operate… Continue Reading

European Commission Reported to Grant Temporary Access to UK Clearing Houses

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets

On December 12, it was reported that the European Commission (EC) intends to grant temporary and conditional equivalence status to UK central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR) in the event of the United Kingdom withdrawing from the European Union (Brexit) without concluding a withdrawal agreement (“no-deal Brexit”).… Continue Reading

Electronic Money, Payment Services and Payment Systems Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On November 20, the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (Regulations) were published with an associated explanatory memorandum. The Regulations make amendments to the Payment Services Regulations 2017 (PSRs) and the Electronic Money Regulations 2011 (EMRs), to ensure that the UK payments and electronic money (e-money)… Continue Reading

UK and EU Publish Draft Brexit Withdrawal Agreement

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On November 14, a technical agreement was reached between the negotiators of the UK and the EU in relation to the terms of the withdrawal of the UK from the EU (the Withdrawal Agreement). Published alongside the Withdrawal Agreement was a non-binding Political Declaration, providing an overview of the intended future relationship between the UK… Continue Reading

FCA Publishes Speech on Brexit Preparations

Posted in Brexit/UK Developments, Financial Markets

On November 5, the UK Financial Conduct Authority (FCA) published a speech by Nausicaa Delfas, FCA Executive Director of International, on Brexit and maintaining market confidence. The speech covers a wide range of Brexit topics and provides an overview of the FCA’s current priorities relating to Brexit, including its work to ensure there is a… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instrument Relating to EMIR

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, UK Developments

On October 22, HM Treasury published the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (Draft EMIR (Brexit) SI), a draft statutory instrument (SI) relating to the European Market Infrastructure Regulation (EMIR). It also has published a supporting explanatory memorandum.… Continue Reading

UK Government Publishes Guidance on Trading Energy After a No-Deal Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On October 12, the UK Department for Business, Energy and Industrial Strategy (BEIS) published two guidance notes relating to trading in energy should the UK leave the EU without agreement (No-Deal Brexit). One guidance note focuses on gas and the other relates to electricity. The guidance notes are part of a series of technical notices… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instruments Relating to MiFID II and Trade Repositories

Posted in Brexit/UK Developments, Financial Markets

On October 5, HM Treasury published two draft statutory instruments (SIs) together with explanatory notes, which will make amendments to retained EU law relating to the revised Markets in Financial Instruments Directive (MiFID II) and Trade Repositories (TRs).… Continue Reading

UK FCA Publishes Consultations Relating to Brexit

Posted in Brexit/UK Developments, Financial Markets

On October 10, the UK Financial Conduct Authority (FCA) published two consultation papers relating to the United Kingdom’s withdrawal from the European Union (Brexit). The first, CP18/28, is the FCA’s first consultation paper on proposed changes to the FCA Handbook and to binding technical standards (BTS) resulting from Brexit. The second, CP18/29, focuses on the… Continue Reading

HM Treasury Publishes Draft Brexit Statutory Instruments for Investment Funds and Their Managers

Posted in Brexit/UK Developments, Financial Markets

On October 8, HM Treasury published two draft statutory instruments (SIs), together with explanatory notes, which will make amendments to retained EU law relating to collective investment schemes (CIS) and alternative investment fund managers (AIFMs).… Continue Reading

FCA Publishes Dear CEO Letter on Cross-Border Booking Arrangements

Posted in Brexit, Brexit/UK Developments, Digital Assets and Virtual Currencies, Financial Markets, UK Developments

On August 8, the UK Financial Conduct Authority (FCA) published a “Dear CEO” letter concerning cross-border booking arrangements. In the letter, the FCA explains that the UK’s impending withdrawal from the EU has resulted in firms needing to put in place contingency plans that, when executed, will impact current business models, legal entity strategies and… Continue Reading

AFME and ISDA Publish Paper on Brexit Contractual Continuity Issues in OTC Derivatives

Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets, UK Developments

On July 30, the Association of Financial Markets in Europe (AFME) and the International Swaps and Derivatives Association, Inc. (ISDA) released a paper outlining the challenges UK and EU firms will face in relation to legacy over-the-counter (OTC) derivative contracts following the United Kingdom’s departure from the European Union (Brexit).… Continue Reading

HM Treasury Publishes Draft Version of the EEA Passport Rights Regulations 2018

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On July 24, HM Treasury published its draft version of the European Economic Passports Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (draft Regulations). The purpose of the draft Regulations is to remove references to the passporting framework set out in the Financial Services and Markets Act 2000 and in other UK legislation.… Continue Reading

Bank of England and PRA Publish Their Approach to Temporary Permissions Regime and Temporary Recognition Regime

Posted in Brexit, Brexit/UK Developments, UK Developments

On July 24, the Bank of England (BoE) published a webpage on its and the UK Prudential Regulation Authority’s (PRA’s) approach to the temporary permissions regime (TPR) and the temporary recognition regime (TRR). The TPR aims to enable EEA firms currently using a passport operating in the United Kingdom to continue their activities in the… Continue Reading

Draft Financial Regulators’ Powers Regulations 2018 Published

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On July 16, a draft of the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 was published. The publication of the draft regulations follows the making of the first delegated legislation under the European Union (Withdrawal) Act 2018 earlier this month (discussed in the Corporate & Financial Weekly Digest edition of… Continue Reading

FCA Publishes Statement on Its Brexit Preparations

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments

On June 26, the UK Financial Conduct Authority (FCA) published a statement updating stakeholders on its preparations for the United Kingdom’s withdrawal from the European Union (Brexit). The FCA’s statement noted HM Treasury’s preparations for Brexit, which were then published in HM Treasury’s own press release, dated June 27.… Continue Reading

EBA Publishes Opinion on Firms’ “Inadequate” Brexit Preparations

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments

On June 25, the European Banking Authority (EBA) published an opinion on preparations for the withdrawal of the United Kingdom from the European Union (Brexit). Its opinion cites two aims with respect to national competent authorities: ensuring that financial institutions are adequately considering the risks of a possible Brexit without a ratified withdrawal agreement, and… Continue Reading

UK’s EU Withdrawal Act Receives Royal Assent

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments

On June 26, the European Union (Withdrawal) Act 2018 (Withdrawal Act) received royal assent, which is the final stage for approving UK parliamentary bills. The Corporate & Financial Weekly Digest edition of July 14, 2017 included a substantive review of the Withdrawal Act. Notably, the House of Commons amended that bill to require that any… Continue Reading