Brexit Next: Legal Implications
The impact of Brexit - click here for the latest news on the impact in the financial services sector and here for a broader view for all businesses operating in, and trading with, the UK
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Recently the Bank for International Settlement (“BIS”) published two new updates relating to Fintech and crypto-assets: a statement on crypto-assets and the prudential measures firms should implement from the Basel Committee on Banking Supervision (“BCBS”); and a new report on Central Bank Digital Currencies (“CBDCs”) from the Committee on Payments ...
In outline: The ND regime There were further announcements and publications about the financial services (FS) regulatory regime that would apply in a no-deal scenario i.e. if the UK leaves the EU without the transition period (TP) under the proposed Withdrawal Agreement (WA) (the ND regime). Details of the ND ...
In view of Brexit and in the absence of a national transitional regime, CONSOB, in order to ensure the orderly trading conditions and to protect savers, deems it essential to provide operators with a specific information as to manage the measures that may be necessary in such scenario. Pursuant to ...
On March 12, 2019, the Italian supervisory authority (CONSOB) released the “Warning notice” no. 3 relating to implications of Brexit in the general contest of financial services and intermediaries’ activities. The Warning notice is aimed to ensure the protection of investors, considering the material effects of a “No-deal” Brexit. The ...
Unless a different decision is taken, the United Kingdom’s withdrawal shall be effective starting from 29 March 2019. According to the Withdrawal Agreement negotiated between the EU and the UK, following to UK’s exit from the EU, a transition period during which the European Treaties and the EU legislation will ...
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* Estimated date
*29 March 2019
Start of Brexit transition period
Capital Markets Union to be completed by then
The European Commission signposted in its roadmap document that mid-2019 is the period by which the following will be in place: fully functional backstop to the Single
Resolution Fund; implementation of the European Deposit
Insurance Scheme; finalising all pending legislative initiatives for Capital Markets Union.