ISDA analysis of impact of Brexit on MiFID derivatives trading obligation

The International Swaps and Derivatives Association (ISDA) has published a paper on the impact of Brexit on the derivatives trading obligation and the characterisation of over-the-counter (OTC) derivatives in the EU and the UK. The paper recommends that the EU and the UK recognise the equivalence of each other’s derivatives trading venues in order to … Read more

European Commission’s Notice to Stakeholders confirms its view Hague Choice of Court Convention will apply to exclusive English jurisdiction clauses only if they are entered into after Brexit transition period ends

The post below was first published on our Litigation blog On 27 August 2020, the European Commission published a Notice to Stakeholders setting out the rules that, in the Commission’s view, will apply in the field of civil justice and private international law once the Brexit transition period comes to an end on 31 December … Read more

Brexit countdown: Big changes are coming on 1 January 2021 whatever happens as negotiation tensions rise

As businesses and governments around the world continue to grapple with the implications of COVID-19, Brexit is fast approaching. This time for real. Last year, as businesses awaited a potential Brexit without a deal, the difference was stark. ‘Deal’ meant entering a status quo transition period in which essentially nothing changed for business; whereas ‘no-deal’ … Read more

UK signs free trade deal with Japan

On 11 September 2020, the UK signed its first major free trade agreement as an independent nation after its exit from the EU with Japan. The UK-Japan Comprehensive Economic Partnership Agreement largely replicates the EU’s trade agreement with Japan and secures tariff-free trade on 99% of exports to Japan and is estimated to increase trade … Read more

UK introduces human rights-related sanctions under post-Brexit sanctions framework

The post below was first published on our FSR and Corporate Crime blog On 6 July 2020, the United Kingdom introduced unilateral sanctions against 49 individuals and entities from Saudi Arabia, Russia, Myanmar and North Korea accused of involvement in several high profile human rights violations and abuses.The Global Human Rights Sanctions Regulations 2020 (the … Read more

European Commission releases “readiness” Communication

On 9 July 2020, the European Commission has published a Communication which provides a sector-by-sector overview of the key areas where there will be changes at the end of the transition period, regardless of whether there is an agreement on the future trade relationship or not, and sets out measures that national authorities, businesses and … Read more

Upcoming webinar: Financial services – Update and preparations for no-deal

With UK/EU deal negotiations in the balance and a no-deal scenario still possible, a panel of experts from Herbert Smith Freehills, the Financial Conduct Authority and McCann FitzGerald (for the Ireland perspective) will review the current state of play on Brexit and what comes next for the regulation of cross-border financial services. Topics covered will … Read more

HM Treasury and FCA update on Financial Services Bill post-EU withdrawal

Her Majesty’s Treasury (HM Treasury) has published a policy statement on its legislative approach for prudential standards in the Financial Services Bill post-EU withdrawal, and how the government will tailor these prudential regimes to the UK market. HM Treasury has also published a Written Ministerial Statement on the topic, highlighting the importance of updating prudential requirements, maintaining sound capital markets, and … Read more