Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: No-Deal Brexit

FCA Confirms Final Rules and Guidance for Firms for No-Deal Brexit

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
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).… Continue Reading

CFTC Passes Provision to Provide Greater Brexit-Related Market Certainty by Unanimous Vote

Posted in Brexit, CFTC, Derivatives
On May 25, the Commodity Futures Trading Commission adopted an interim final rule designed to provide greater certainty to the global marketplace in the event of a “no-deal Brexit.” In the event that the UK leaves the EU without a negotiated withdrawal agreement, affected swap dealers and major swap participants may be required to transfer… Continue Reading

FCA and PRA Publish Updates to the Temporary Permissions Regime

Posted in Brexit, Brexit/UK Developments, Financial Markets, UK Developments
On March 25, the UK Financial Conduct Authority (FCA) updated its webpage on the temporary permissions regime (TPR) to announce that it intends to extend the notification window for European Economic Area (EEA) firms and fund managers wishing to enter the TPR to the end of April 11. On March 26, the UK Prudential Regulation… Continue Reading

ESMA Publishes Statement on Preparations Regarding Clearing and Settlement for a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 28, the European Securities and Markets Association (ESMA) published a statement updating market participants on its preparations for the United Kingdom’s withdrawal from the European Union, in the event of an agreement on transitional arrangements (Withdrawal Agreement) not being in place (No-Deal Brexit). ESMA’s update follows the European Council’s (EC’s) agreement to the… Continue Reading

ESMA Publishes Statement on the Impact on the MiFIR Trading Obligation for Shares; the FCA Responds

Posted in Brexit, Brexit/UK Developments, EU Developments, Financial Markets, UK Developments
On March 19, the European Securities and Markets Authority (ESMA) published a statement on the impact on the Markets in Financial Instruments Regulation (MiFIR) trading obligation for shares (TO) if the United Kingdom left the European Union on March 29 (Brexit) without a withdrawal agreement (no-deal Brexit) and without an equivalence decision for the United… Continue Reading

FCA Publishes Statement on Operation of UK MiFIR Transparency Following No-Deal Brexit

Posted in Brexit, Financial Markets, UK Developments
On March 4, the United Kingdom Financial Conduct Authority (FCA) published a document containing statements of policy on how it intends to operate the transparency regime under the retained UK version of the European Union’s Markets in Financial Instruments Regulation (UK MiFIR), if the United Kingdom leaves the European Union without an implementation period. The… Continue Reading

ESMA Statement on Application of MiFID II, MiFIR and BMR Provisions in No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On March 7, the European Securities and Markets Authority (ESMA) published a statement outlining its approach to the application of key provisions of the revised Markets in Financial Instruments Directive (MiFID II), Markets in Financial Instruments Regulation (MiFIR) and the Benchmarks Regulation (BMR), in the event that the United Kingdom leaves the European Union without… Continue Reading

ESMA to Recognize Three UK CCPs in the Event of a No-Deal Brexit

Posted in Brexit, EU Developments, Financial Markets
On February 18, the European Securities and Markets Authority (ESMA) published a press release confirming that it has adopted recognition decisions to permit three UK central counterparties (CCPs) to continue to provide CCP services to EU trading venues and EU clearing members following the United Kingdom’s withdrawal from the European Union on March 29 (Exit… Continue Reading

UK Guide to Post-Brexit Financial Sanctions Published

Posted in Brexit, EU Developments, Financial Markets
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

BoE and ESMA Agree No-Deal MoUs on Recognition of UK CCPs and CSDs

Posted in Brexit, EU Developments, Financial Markets
On 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

ESMA Publishes Statement on the Impact of a No-Deal Brexit on Its Databases

Posted in Brexit, EU Developments, Financial Markets
On February 5, the European Securities and Markets Authority (ESMA) issued a statement on the impact the UK’s exit from the European Union on March 29 (Exit Day) without an agreement on transitional arrangements being in place with the European Union (no-deal Brexit) would have on ESMA’s databases. In the scenario of a no-deal Brexit,… 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

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

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