Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Brexit

LMA Publishes Paper on Impact of a No-Deal Brexit on the European Loan Market

Posted in Brexit, EU Developments, Financial Markets
On December 3, the Loan Market Association (LMA) published a paper on the consequences of a scenario in which the United Kingdom withdraws from the European Union (Brexit) without concluding a withdrawal agreement, commonly referred to as a “no-deal Brexit.” The paper focuses on the impact of a no-deal Brexit on lending by UK lenders… 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

ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives

Posted in Brexit, EU Developments, Financial Markets
On November 8, the European Securities and Markets Authority (ESMA) published a final report proposing new draft regulatory technical standards (RTS) contained in a draft Delegated Regulation that would amend the three European Commission Delegated Regulations on the clearing obligation under the European Markets and Infrastructure Regulation (EMIR).… Continue Reading

Bank of England and PRA Publish Brexit Package of Consultations and Communications

Posted in Brexit, Financial Markets, UK Developments
On October 25, the Bank of England (BoE) and the UK Prudential Regulation Authority (PRA) published a package of Brexit-related communications and consultation papers which propose changes to the relevant onshored binding technical standards (BTS), the rules for financial market infrastructure providers (FMIs) and the PRA Rulebook, which arise from the UK’s withdrawal from the… 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

HM Treasury Publishes Draft EMIR SI Relating to Non-UK CCPs Post-Brexit

Posted in Brexit, Financial Markets, UK Developments
HM Treasury published a draft statutory instrument (SI) under the European Market Infrastructure Regulation (EMIR) relating to non-UK central counterparties (CCPs) after the United Kingdom’s withdrawal from the European Union (exit day). It has also published a supporting explanatory memorandum.… Continue Reading

FCA Publishes Approach to Becoming UK-Recognized Overseas Investment Exchange

Posted in Brexit, Financial Markets, UK Developments
On September 14, the UK Financial Conduct Authority (FCA) published a statement and direction clarifying how a market operator based in the European Economic Area (EEA) may make an application to become a recognized overseas investment exchange (ROIE), following the United Kingdom’s departure from the European Union (Brexit).… 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

Eight EU Member States Publish Joint Statement on the Capital Markets Union Post Brexit

Posted in Brexit, EU Developments, Financial Markets
On July 18, eight of the EU member states (Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden, and The Netherlands) published a joint statement on the Capital Markets Union (CMU) after Brexit. The joint statement sets out the shared views of the member states’ finance ministers and urges the European Union to use Brexit as a… Continue Reading

First European Union (Withdrawal) Act Delegated Legislation Created

Posted in Brexit, Financial Markets, UK Developments
On July 3, the Department for Exiting the European Union created the European Union (Withdrawal) Act 2018 (Commencement and Transitional Provisions) Regulations 2018 (Regulations). The United Kingdom’s European Union (Withdrawal) Act 2018 (Act) delegates power to make such provisions.… Continue Reading

UK Government Unveils Brexit White Paper

Posted in Brexit, EU Developments, Financial Markets, UK Developments
On July 12, the UK Department for Exiting the European Union published a white paper, which sets out the United Kingdom’s proposal for the UK-EU relationship after the United Kingdom’s withdrawal from the European Union on March 29, 2019 (Brexit) through what it terms “an association agreement.” Notably, the white paper features differing approaches with… Continue Reading