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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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, Uncategorized

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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FINANCIAL LIST JUDGES EXPECT BREXIT PROCESS TO GIVE RISE TO NEED FOR FINANCIAL MARKETS TEST CASES

The post below was first published on our Litigation Notes blog. The Financial Markets Test Case pilot scheme, which was due to end in September this year, is to be extended for a further three years. The scheme will also … Continue reading

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Filed under Banking & asset management, Disputes, Finance

Implications for the insurance sector

The House of Commons Treasury Select Committee (TSC) has launched an inquiry into EU regulation of insurance.  The inquiry will allow the TSC to look at the case for retaining, losing or adapting Solvency II in a post-Brexit world.  Its Chairman, Andrew … Continue reading

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Filed under Financial services, Insurance

Brexit – Implications for insurance intermediaries

The post below was first published on our Insurance blog Following the UK referendum on EU membership, businesses have no alternative but to prepare for the UK’s exit from the EU. Our “at a glance” guide highlights over two pages some key … Continue reading

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