Brexit Asset Management Update

In this post we summarise the latest Brexit developments related to asset management. EU Exit: FCA speech on Brexit preparations in financial services The FCA has published a speech delivered by its Chief Executive, Andrew Bailey, on Brexit preparations in financial services. In his speech, Mr Bailey recognises an increased level of readiness for a potential ‘no … Read more

Updated Brexit Legal Guide launched

Today our updated Brexit Legal Guide was released. Below is a message from our Chair and Senior Partner James Palmer which accompanied the updated guide. Dear clients and professional colleagues, The outcome of the June 2016 UK referendum on EU membership ushered in a period of increasing political turmoil in the UK. When I wrote … Read more

Brexit Asset Management Update

In this post we summarise the latest Brexit developments related to asset management. FCA extension to use of temporary transitional power The FCA has announced that it will extend the proposed duration of the directions issued under the temporary transitional power to the 31 December 2020. This is to reflect the extension of Article 50. … Read more

Brexit asset management update

In this blog post we summarise the latest developments related to asset management. EU Exit draft SI  The draft Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019 (SI) (with draft explanatory memorandum), which makes amendments to a number of financial services EU exit statutory instruments and to Commission Delegated Regulation (EU) 2015/61, has … Read more

Impact of Article 50 extension on the UK Temporary Permissions Regime

The post below was first published on our FSR blog Following the agreement last week between the UK and the EU to extend Article 50 until 31 October 2019 11pm GMT (see our earlier post), the FCA has now confirmed that it will extend the notification window for incoming EEA firms and fund managers to … Read more

Brexit Asset Management Update

In this blog post we summarise the latest Brexit developments related to asset management. Letters from UK financial regulators and HMT – preparations for no-deal Brexit FCA statement on operation of MiFID transparency regime post-Brexit FOS Q&As on effect of no-deal Brexit IOSCO Repository of Regulatory Initiatives for Brexit Preparedness FCA flowchart on EEA-firms operating … Read more

Financial Services and the WTO in the context of Brexit

The EU Financial Affairs Sub-Committee of the House of Lords held a public meeting on financial services and the World Trade Organisation (WTO) on 13 March 2019.  Eric White, a Consultant in the Brussels office of Herbert Smith Freehills gave evidence to the Sub-Committee as did Dr Lorand Bartels of the University of Cambridge. The … Read more

BREXIT ASSET MANAGEMENT UPDATE

FCA proposed rules and guidance The FCA has published proposed rules and guidance that will apply in the event that the UK leaves the EU without a withdrawal agreement in place. This includes a Brexit policy statement and transitional directions (PS19/5) Read more