In this post we summarise the latest Brexit developments related to asset management.
EU Exit: update on proposed Regulation on the recovery and resolution of CCPs
The Department for Exiting the EU (DExEU) has published letters from John Glen MP, Economic Secretary to the Treasury, to Lord Kinnoull, Chair of the House of Lords European Union Committee, and to Sir William Cash MP, Chair of the House of Commons European Scrutiny Committee, dated 16 September 2019. In his letters, Mr Glen provides an update on the proposed Regulation on the recovery and resolution of central counterparties (CCPs), including that a number of Member States support the UK’s positions on the no creditor worse off (NCWO) counterfactual and the requirements relating to recovery plans for CCPs that are part of a group. Mr Glen also notes that agreement has not yet been reached on the treatment of CCP equity in resolution.