Financial services

FOREIGN & COMMONWEALTH OFFICE PUBLISHES GUIDANCE ON SANCTIONS LICENSING POLICY AFTER BREXIT

The post below was first published on our FSR blog The Foreign & Commonwealth Office has published guidance detailing the UK Government’s intended approach to sanctions exceptions and licences after Brexit. Sanctions exceptions and licences are mechanisms through which restrictive measures … Continue reading

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Filed under Corporate crime, Financial services

BREXIT UPDATE – EEA (RE)INSURERS

The post below was first published on our Insurance blog EEA insurers and reinsurers doing business in the UK under the insurance passport must prepare for the UK’s withdrawal from the EU. We consider, in our latest “At a Glance” guide, … Continue reading

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Filed under Insurance

PRA AND FCA CLARIFY IMPACT OF BREXIT TRANSITION FOR INSURANCE SECTOR

The post below was first published on our Insurance blog Recent announcements made by the PRA and FCA clarify their approach to Brexit following the European Council’s agreement to a transition period for the UK’s withdrawal from the EU. In particular, … Continue reading

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FAILING FINANCIAL INSTITUTIONS: HOW WILL BREXIT IMPACT CROSS-BORDER COOPERATION IN RECOVERY, RECONSTRUCTION AND INSOLVENCY PROCESSES?

This paper addresses the issues for international recognition of reconstruction and insolvency proceedings affecting international banks raised by the United Kingdom’s decision to leave the European Union, and considers what the United Kingdom and the European Union and its member … Continue reading

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Filed under Financial services, Insolvency

Brexit – PRA consults on approach to UK branches of incoming insurers

The post below was first published on our Insurance blog On 20 December 2017, the Treasury, PRA and FCA clarified their approach to EEA-headquartered financial services firms wishing to carry on business in the UK post-Brexit. More recent evidence to the House of Commons … Continue reading

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Brexit – EIOPA publishes opinion on cross-border legacy business

This post was originally published on our Insurance notes blog. An opinion published by EIOPA on 21 December 2017 raises concerns for UK insurers who have policyholders in EEA states other than the UK. This will include, for example, every life … Continue reading

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Filed under Insurance

DELAY TO IDD START DATE/GUIDANCE ON UK APPROACH TO BREXIT

The post below was first published on our Insurance blog Delay to IDD start date The EU Commission published draft legislation today (in the form of a proposed Directive and a proposed Delegated Regulation) to delay the IDD start date to … Continue reading

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Filed under Insurance

Banks, Brexit and what’s next?

The global financial crisis in 2008 and the slump that followed were predicted to change the face of international banking, mark a retreat from globalism and result in much tighter regulation of institutions. The last is undoubtedly true, particularly in … Continue reading

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Filed under Finance, Financial services

European Banking Authority (EBA) provides guidance to authorities and institutions on Brexit relocations

  The EBA has published an opinion on Brexit-related issues, in order to ensure the consistent application of EU legislation to UK-based financial services firms who are seeking to establish in the EU27 or to enhance their presence to retain … Continue reading

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Filed under Finance, Financial services

Brexit and cross-border insurance contracts

The post below was first published on our Insurance blog On 14 September 2017, the UK Parliament published a letter from Nicky Morgan, Chair of the Treasury Committee, to Philip Hammond, Chancellor of the Exchequer, on insurers’ ability, post-Brexit, to service … Continue reading

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Filed under Insurance