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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Anti-money laundering, terrorist financing, and know your client obligations
FCA-authorised firms are required, pursuant to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on Payer) Regulations 2017 (“MLRs”), to implement anti-money laundering (“AML”) measures.
HoC: Brexit and financial services
HoC has updated its Library briefing paper which considers equivalence and the potential impact of no-deal Brexit on the sector.
Systems and control
FCA-authorised firms must have appropriate systems and controls in place taking into account the nature, scale, and complexity of the business. This creates numerous obligations, primarily relating to:
Suitability assessment obligations
An online advice platform will need to consider whether an investment is suitable for a client when providing investment advice.
The purpose of the Shareholders Rights Directive II (“SRD II”) is to encourage long-term shareholder engagement and transparency between traded companies and investors. These changes came into force on 10 June 2019 and Member States have transposed the SRD II's provisions into national law. These require UK companies with shares admitted to trading on a regulated market in the UK or EU to have safeguards...
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* Estimated date
*31 October 2019
Exit date is:
- 31 October 2019 if the UK holds European Elections, but UK Parliament has not ratified the WA before that date; or
- The 1st day of the month after ratification if UK Parliament ratifies the WA before October 2019.
1 December 2019
End of four-year transitional period for RTS on risk-mitigation techniques for OTC derivatives contracts not cleared by a CCP under EMIR.
31 December 2019
Following PRA's policy statement (PS10/17) - operational continuity firms are expected to submit the template (PRA109) 45 business days after the first reporting period ending 31 December.