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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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Latest Reports
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This week in outline: Both the ECB and EIOPA published hard-line warnings about the need for preparations for a ‘no deal’ scenario; they put the onus on firms and emphasised that they could not yet rely on a transition period (or other transitionary arrangements) after 29/3/19. EIOPA highlights 14 areas ...
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Following the publishing of the 2017/18 Business Plan, the FCA has undertaken reviews of innovative areas of the financial markets. In a report published 21 March, the FCA presented its findings on automated investment services and its recommendations on improving this segment of the market. Automated investment services, sometimes known ...
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This was a quiet week for Brexit news in the financial services sector. Her Majesty’s Government has yet to publish any detailed information about the proposals that it has announced for EU/UK financial services after the UK leaves the single market. Detailed analysis of the impact of Brexit (by UK ...
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Where we stand: The draft Withdrawal Agreement provides for a transition period from 29/03/19 to 31/12/20 during which the EU single market legislation, and its dual regulation coordination (DRC)/mutual recognition, would continue to apply to the UK. The UK has proposed (see Philip Hammond's speech of 7 March) that after ...
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During this week, Andrew Bailey made a speech in support of the UK government’s financial services “mutual recognition” proposals (see the Chancellor’s speech of 7 March 2018) but these ideas were firmly rejected in speeches from the EU side. The EU position is that the future relationship will be based on the EU’s equivalence regime for third countries and not on bespoke mutual recognition arrangements....
See more reports
Future Dates
* Estimated date
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*Spring 2018
Bank of England suggests Shari'ah compliant deposit facility may be in place by this period. This follows from the April 2017 BoE consultation on Shari'ah compliant liquidity facilities.
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*Q2 2018
Commission to publish a communication on EU support for local capital markets in the second quarter of 2018.
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*May 2018
Commission will have presented all the legislative initiatives that were announced in the September 2015 CMU action plan and in the June 2017 mid-term review.
News Wizard
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23/05/2018
FCA: Speech by Jonathan Davidson: Building societies and the future of retail banking
- FCA: Speech by Jonathan Davidson: Building societies and the future of retail banking
- News Date:
- 23/05/2018
- News Text:
- Text of this speech, given on 23 May 2018 follows, in which Jonathan Davidson discusses aspects of the retail banking sector and FCA supervision in relation to building societies.
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23/05/2018
Department for Exiting the EU: Framework for the UK-EU partnership – data protection
- Department for Exiting the EU: Framework for the UK-EU partnership – data protection
- News Date:
- 23/05/2018
- News Text:
- This document sets out the UK’s proposals for the free flow of personal data between the UK and the EU.
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23/05/2018
HoC Science and Technology Committee: Algorithms in decision-making
- HoC Science and Technology Committee: Algorithms in decision-making
- News Date:
- 23/05/2018
- News Text:
- The report calls on the Government’s newly established Centre for Data Ethics & Innovation to examine algorithm biases and transparency tools, determine the scope for individuals to be able to challenge the results of all significant algorithmic decisions which affect them (such as mortgages and loans) and, where appropriate, to...
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23/05/2018
HMT: Monetary penalties for breaches of financial sanctions
- HMT: Monetary penalties for breaches of financial sanctions
- News Date:
- 23/05/2018
- News Text:
- This updated guidance sets out the Office of Financial Sanctions Implementation’s processes and considerations with regard to the above, including the case assessment process, the penalty calculation process and procedural rights.
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23/05/2018
EBA: O-SIIs
- EBA: O-SIIs
- News Date:
- 23/05/2018
- News Text:
- EBA has updated its list of Other Systemically Important Institutions.
- Support Information:
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