On February 1, HM Treasury and the UK Office of Financial Sanctions Implementation (OFSI) published guidance on financial sanctions in preparation for the United Kingdom’s exit from the European Union on March 29 (Exit Day) on the basis of no agreement on transitional arrangements being in place with the EU (no-deal Brexit). The guidance will… Continue Reading
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BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs
Posted in Brexit, EU Developments, Financial MarketsOn February 4, the European Securities and Markets Authority (ESMA) and the Bank of England announced that they have agreed on Memorandums of Understanding (MoUs) surrounding the cooperation and information-sharing arrangements with respect to UK-based central counterparties (CCPs) and central securities depositories (CSDs) in the event of the United Kingdom’s exit from the European Union… Continue Reading
Bank of England and FCA Provide Updates on Post-Brexit Market Infrastructure Transitional Arrangements and Applications
Posted in Brexit/UK Developments, Financial Markets, UK DevelopmentsOn 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 MarketsOn 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 DevelopmentsOn 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 DevelopmentsOn 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 MarketsOn 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
FCA Updates Webpage on Preparing for Brexit
Posted in Brexit, Financial Markets, UK DevelopmentsOn December 13, the UK Financial Conduct Authority (FCA) published a press release advising that it has updated its webpage on “preparing your firm for Brexit.”… Continue Reading
European Commission Implements “No-Deal” Contingency Action Plan in Specific Sectors
Posted in Brexit, EU Developments, Financial MarketsOn December 19, the European Commission (EC) published a communication, along with a number of legislative measures, detailing its “no-deal” Brexit contingency plans for certain sectors, including financial services. The measures are limited to those areas identified by the EC as where a no-deal scenario would create “major disruption for citizens and businesses” in the… Continue Reading
Short Selling (Amendment) (EU Exit) Regulations 2018 Made in Preparation of Brexit
Posted in Brexit, Brexit/UK Developments, Financial Markets, UK DevelopmentsOn 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
HM Treasury Publishes Updated Draft Brexit Statutory Instrument Relating to Collective Investment Schemes
Posted in Brexit, Financial MarketsOn December 6, HM Treasury published updated versions of the draft Collective Investment Scheme (Amendment etc.) (EU Exit) Regulations 2018 (Draft CIS (Brexit) SI) and the related explanatory information. Draft CIS (Brexit) SI ensures that the regime established under the UCITS IV Directive for investment funds and their managers continues to operate effectively after the… Continue Reading
European Commission Reported to Grant Temporary Access to UK Clearing Houses
Posted in Brexit, Brexit/UK Developments, Derivatives, Financial MarketsOn 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
ECJ Rules That Article 50 Notice of Intention to Leave the EU Can Be Unilaterally Revoked
Posted in Brexit, EU Developments, Financial MarketsOn December 10, the European Court of Justice (ECJ), in the case of Wightman and Others v. Secretary of State for Exiting the European Union, ruled that the notice of an intention to leave the European Union, once properly submitted, can be unilaterally revoked, rather than requiring the consent of all other EU Member States.… Continue Reading
LMA Publishes Paper on Impact of a No-Deal Brexit on the European Loan Market
Posted in Brexit, EU Developments, Financial MarketsOn 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 DevelopmentsOn 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 DevelopmentsOn 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 MarketsOn 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
EEA Passport Rights Regulations 2018 Published
Posted in Brexit, EU Developments, Financial MarketsOn November 7, the European Economic Area (EEA) Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (Passport Rights Regulations) were published together with an associated explanatory memorandum.… Continue Reading
ESMA Proposes Regulatory Change To Support the Brexit Preparations of Counterparties to Uncleared OTC Derivatives
Posted in Brexit, EU Developments, Financial MarketsOn 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 DevelopmentsOn 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 DevelopmentsOn 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 DevelopmentsOn 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 MarketsOn 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 MarketsOn 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