On September 5, the German Federal Government published a proposal relating to a draft law implementing Regulation (EU) 2019/834 (EMIR REFIT), which also clarifies the licensing requirements for non-EU firms (which would include UK firms after Brexit) that conduct cross-border proprietary trading with German counterparties or on German trading venues.
Brexit
House of Commons Library Publishes Briefing on Retained EU Law
On July 30, the House of Commons Library published a briefing paper on the status of retained EU law after Brexit.
The briefing provides a useful consolidated summary of how the European Union (Withdrawal) Act 2018 will repeal the European Communities Act 1972 while also transposing existing EU law into domestic law.
The briefing is
FCA Confirms Extension of Temporary Permissions Regime to October 30
On May 24, the UK Financial Conduct Authority (FCA) published a press release confirming that it is extending the deadline for notifications for the temporary permissions regime (TPR) to October 30.
TPR would allow European Economic Area-based firms passporting into the UK to continue new and existing regulated business within the scope of their current permissions in the UK for a limited period, while they seek full FCA authorization. The TPR will go into effect upon Brexit taking effect, if there is no transition period. The TPR deadline had previously been extended from April 11 to May 30 (as reported in the April 19 edition of the Corporate & Financial Weekly Digest).…
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ESMA Updates Statement on the Impact of Brexit on the MiFIR Trading Obligation for Shares
On May 29, the European Securities and Markets Authority (ESMA) published a revised statement outlining its approach relating to the trading obligation for shares (TO) under Article 23 of the Markets in Financial Instruments Regulation (MiFIR), if the United Kingdom were to leave the European Union (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision made by the European Commission.…
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European Commission Adopts Fifth Communication Regarding Preparations for a No-Deal Brexit
Posted in Brexit, EU Developments
On June 12, and ahead of the European Council meeting on June 20 and 21, the European Commission (EC) adopted a fifth Brexit Preparedness Communication, taking stock of the European Union’s preparations and contingency measures if the United Kingdom exits the European Union without a deal or an implementation period (No-Deal Brexit).…
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CFTC to Hold an Open Commission Meeting on April 23
By Kevin M. Foley & Laura N. Krcmaric on
The Commodity Futures Trading Commission will host an open meeting at 10:00 a.m. on Tuesday, April 23, at which it expects to cover the following topics:
- notice of proposed rulemaking regarding amendments to regulations on certain swap data depository and swap data reporting requirements;
- notice of proposed rulemaking regarding amendments to derivatives clearing organization general
…
FCA Extends Notifications Deadline for Temporary Permission Regime to May 30
On April 12, the UK Financial Conduct Authority (FCA) published amended directions, dated April 11, on notifications regarding the temporary permissions regime (TPR). Although the deadline for Brexit has been agreed upon by the United Kingdom and the 27 remaining EU member states as being no later than October 31, the amended directions extend the deadline for firms to notify the FCA if they wish to enter the TPR from April 11, to May 30. The TPR will go into effect upon Brexit taking effect, if there is no transition period (as reported in the January 11, 2019 edition of the Corporate & Financial Weekly Digest).…
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FCA and SEC Sign Updated Memoranda of Understanding
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it has signed two updated memoranda of understanding (MOUs) with the Securities and Exchange Commission. Both MOUs aim to ensure the continued ability of the United Kingdom and the United States to cooperate and consult with each other regarding the effective and efficient oversight of regulated entities across national borders.…
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FCA Confirms Final Rules and Guidance for Firms for No-Deal Brexit
On March 29, the UK Financial Conduct Authority (FCA) issued a press release announcing that it had published its final instruments and guidance that will apply if the United Kingdom withdraws from the European Union without a deal or an implementation period (No-Deal Brexit).…
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Equivalence for UK CCPs and CSDs Extended
On April 4, two Commission Implementing Decisions (Amending Decisions) were published in the Official Journal of the European Union, amending the following December 20, 2018 equivalence decisions (Equivalence Decisions):
- Implementing Decision (EU) 2018/2031, on the temporary equivalence of the UK’s regulatory framework for central counterparties (CCPs); and
- Implementing Decision (EU) 2018/2030, on the temporary equivalence of the UK’s regulatory framework for central securities depositories (CSDs).