Brexit and Financial Services: 2021 Update

The UK and EU finalised the Trade and Cooperation Agreement (“TCA”) that governs their future trading and security relationship on 24 December 2020. The TCA offers minimal commitments on financial services and even excludes financial services from some general protections that otherwise apply under the TCA. At the same time, in a non-binding declaration, 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

Treasury Secretary letter on equivalence in financial services

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

New Brexit Legal Guide section available: Banking and Investment Firms

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