2. HoC EUROPEAN SCRUTINY COMMITTEE: POST-BREXIT SCRUTINY OF EU LAW AND POLICY
The Committee has launched this inquiry which will explore how EU laws and policies may continue to affect the UK after it has left the EU and what changes may be needed to the current system of scrutiny. A call for evidence and ToR for the inquiry have been published.
3. DEPARTMENT FOR EXITING THE EU: BREXIT AND THE NATIONAL ARCHIVES
The Government has signed regulations to enable the National Archives to launch two new services intended to aid legal certainty following Brexit. The first is an archive of EU law which will be captured through to exit day, enabling searches for EU legislation, treaties, international agreements and case law. The second strand of work is the addition of EU legislation to legislation.gov.uk, all pieces of EU law were uploaded to the website including a timeline of the changes so far. A press release is available here. The Archive service can be accessed here.
4. ESMA: ANNUAL REVIEW ON TRANSPARENCY REQUIREMENTS FOR NON-EQUITY INSTRUMENTS
ESMA has published the text of a letter sent to the EC concerning the annual review on transparency requirements for non-equity instruments. ESMA states that, due to uncertainties in regard to Brexit, it would not be a suitable time to perform the assessment or to potentially tighten the transparency rules.
5. DEPARTMENT FOR EXITING THE EU: THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (CONSEQUENTIAL MODIFICATIONS AND REPEALS)( EU EXIT) REGULATIONS 2019 (DRAFT)
A draft of the SI (laid on 2 July 2019) and an explanatory memorandum may be found via the following link.
Other publications from the RegZone Brexit news feed
HoC: The UK's contribution to the EU budget
This HoC Library briefing note includes a discussion of potential payments to the EU on or after Brexit.
HoL EU Select Committee: Scrutiny of international agreements: lessons learned
The Committee argues that Parliament needs a greater role in scrutinising international agreements as the way Parliament scrutinises treaties is likely to be of increasing importance in a post-Brexit environment. The full report can be accessed here.
HoL: Proposal for Joint Committee on the costs and implications for the UK of a no-deal Brexit on 31 October 2019
This HoL Library briefing pack contains a selection of material relevant for the forthcoming debate on appointing a joint committee of both Houses on the costs and implications for the UK of leaving the EU without a withdrawal agreement on 31 October 2019.
HoC Department for Exiting the EU Committee: The progress of the UK’s negotiations on EU withdrawal
A transcript of the hearing of 26 June 2019 follows in which witnesses representing the UK’s services sector are asked about how the continuing negotiations have affected their ability to plan for the various possible outcomes and the potential impact of a no-deal Brexit.
BoE: Speech by Mark Carney: Sea change
Text of this speech given by Mark Carney on 2 July 2019 follows in which he discusses Brexit uncertainty and UK monetary policy.
ECB: The impact of Brexit on the eligibility of certain assets as collateral in Eurosystem operations
Mario Draghi responded to queries raised by Sven Giegold (MEP). Mr Draghi states that given the uncertainty surrounding Brexit, the impact on Eurosystem credit operations is difficult to assess. As soon as there is clarity the ECB will issue a public communication. Until that time banks are asked to prepare ‘for all possible contingencies’. The full letter can be accessed here.
ABI : Speech by Huw Evans on the risk of a no deal Brexit
In a speech on 18 June 2019, Huw Evans warns, that a no deal Brexit 'would be an act of immense self-harm, damaging our economy, our reputation and our relationships with our nearest neighbours’. The speech goes on to discuss loyalty pricing, data, green finance and Solvency II.
ECB: Procedures for the relocation of banks to the euro area in the context of Brexit
ECB has updated its FAQ, which includes updated information on ECB’s supervisory expectations resulting from the extension of Article 50; ECB authorisation for euro area banks to establish a branch in a "third country"; and the supervisory assessment of internal models in the context of banks relocating to the euro area or expanding their activities.
The European Union (Withdrawal) Act 2018 (Commencement No. 3) Regulations 2019/1077 (C. 30)
This SI has been made.
FCA: Handbook Notice 67/Instruments
FCA has published details of instruments passed at its Board meetings on 30 May (additional to those announced earlier) and 27 June 2019. These are: Mortgages and Home Finance (Peer to Peer) Instrument 2019/75; Operating an Electronic System in Relation to Lending (Peer-to-Peer Lending) Instrument 2019/69; Enforcement (EU Securitisation Regulation) (No 2) Instrument 2019/74; Personal Current Accounts and Overdrafts Instrument 2019/71; Buy Now Pay Later Instrument 2019/72; Listing and Disclosure Sourcebooks (Shareholder Rights Directive) Instrument 2019/73; Shareholder Rights Directive (Asset Managers and Insurers) Instrument 2019/68; Conduct of Business (Contracts for Difference) Instrument 2019/78; Periodic Fees (2019/20) and Other Fees Instrument 2019/76; Periodic Fees (2019/20) and Other Fees (EU Exit) Instrument 2019/77 and Payment Services and Buy Now Pay Later (Administrative Amendments) Instrument 2019/79. Instruments may be downloaded via this link.