Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: Brexit

Implementation of MiFID II Still Incomplete Across Europe

Posted in Brexit, EU Developments, Financial Markets
Further updating the Corporate &Financial Weekly Digest edition of December 8, 2017, as of January 8, there were still only 14 European Union (EU) Member States (i.e., only 50 percent of the EU) that have fully transposed the revised Markets in Financial Instruments Directive (MiFID II) into their national law (as reported on the European… Continue Reading

Chief Brexit Negotiators Discuss Post-Brexit Treatment of UK Financial Regulations

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets
On January 9, Michel Barnier, the European Union’s (EU’s) chief Brexit negotiator, delivered a speech at the “Trends Manager of the Year 2017” event in Brussels, and on January 10, the UK’s Chancellor of the Exchequer, Philip Hammond, and the UK’s Secretary of State for Exiting the EU, David Davis, published a joint article that… Continue Reading

ISDA Announces Plans for French and Irish Law Governed Master Agreements After Brexit

Posted in Brexit, Derivatives, EU Developments, Financial Markets
On January 8, the International Swaps and Derivatives Association, Inc. (ISDA) published a blog post providing insight into how it is preparing for the UK’s departure from the European Union and how this will impact the use of the industry-standard ISDA Master Agreement.… Continue Reading

FCA Publishes Statement on Brexit

Posted in Brexit, Brexit/UK Developments, UK Developments
On December 20, 2017, the UK Financial Conduct Authority (FCA) published a statement on the UK’s withdrawal from the European Union (EU). Referencing the announcement made by the European Council that enough progress had been made in negotiations to begin discussions on future trading relations (for further information please see the Corporate & Financial Weekly… Continue Reading

UK Government Plans To Ensure Continuity in Financial Services in the Event of No Deal With the EU

Posted in EU Developments
On December 20, 2017, Philip Hammond, the UK Chancellor of the Exchequer, made a written statement in the UK House of Commons on behalf of Her Majesty’s Treasury (HM Treasury) announcing the Bank of England’s (BoE) plans to ensure continuity in financial services in the unlikely event of an agreement not being reached with the… Continue Reading

UK and EU Reach Agreement on the First Phase of Brexit Negotiations

Posted in Brexit, Brexit/UK Developments, EU Developments, UK Developments
Following months of, at times, protracted negotiations, the UK and European Union (EU) negotiating teams have published the text of an agreement on the terms of the UK’s withdrawal from the EU. These negotiations have focused on three primary topics:… Continue Reading

Barnier Discusses Meaning of Brexit for Financial Services

Posted in Brexit, Brexit/UK Developments, UK Developments
On November 20, the European Commission published a speech on the future of the European Union given by Michel Barnier, the EU’s chief Brexit negotiator, at the Centre for European Reform. In the Speech, Mr. Barnier focused on Brexit and identified three keys to the European Union building a strong partnership with the United Kingdom:… Continue Reading

ESMA Chairman Comments on MiFID II Implementation and Brexit

Posted in Brexit, Brexit/UK Developments, EU Developments
On September 29, Reuters published comments from European Securities and Markets Authority (ESMA) Chairman Stephen Maijoor on the implementation of the significantly revised and updated Markets in Financial Instruments Directive (MiFID II and its subordinate regulations and directives) and the implications of Brexit.… Continue Reading

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