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

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

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

The Cabinet Office has published a letter, dated 23 April 2020, from John Glen (Economic Secretary to the Treasury) to William Cash (Chair of the European Scrutiny Committee) outlining the government’s intentions with regard to equivalence in financial services under the future UK-EU economic partnership. Mr Glen confirms that the government will be seeking regulatory … Read more

The updated Banking and Investment Firms section of our Brexit Legal Guide is now available. This provides a useful overview, amongst other things, as to whether: during the transition period, passporting rights between the UK and the EEA for banking and investment firms and financial products will continue to apply; during the transition period, the UK and the EU … Read more

The post below was first published on our FSR and Corporate Crime blog. It was confirmed yesterday by HM Treasury (HMT) in a statement to Parliament that it will retain the UK regulators’ “Temporary Transitional Power” (TTP), which was introduced as part of the UK Government’s no-deal contingency planning legislation, and shift its application such that … Read more

The European Parliament has published a resolution on the proposed mandate for negotiations for a new partnership with the UK. The resolution will be submitted to the Council and the Commission, as well as the governments and parliaments of Member States and the UK. Read more

In this post we summarise the latest Brexit developments related to asset management. FCA updates on Brexit implementation period The FCA has published information to assist firms during the Brexit implementation period, which is due to run from 11pm on 31 January 2020 until 31 December 2020, and during which EU law will continue to … Read more