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

EIOPA issues Brexit advice – some good news for UK insurers and intermediaries?

The post below was first published on our Insurance blog Recommendations issued on Tuesday by EIOPA emphasise the importance of safeguarding policyholders in the event of a “no deal” Brexit.  Encouragement given to EEA states to help UK insurers meet their obligations to EEA policyholders is particularly welcome. In some areas, EIOPA has provided explicit guidance on … Read more

Brexit Asset Management Update

Treasury Committee inquiry: The future of UK financial services after EU exit The House of Commons Treasury Committee has announced a new inquiry into the future of the UK’s financial services once the UK has left the EU. The inquiry will examine what the Government’s financial services priorities should be when negotiating the UK’s future trading relationship with the … Read more