This week saw the successful conclusion of negotiations over the revised Withdrawal Agreement (“WA”) (see Document 2 below) and the Queen’s Speech (see Document 1 below). However, the outcome of the Brexit process remains uncertain and the new domestic legislative program is overshadowed by the prospects of a general election.
FCA: Temporary transitional powers
Further to the directions made on 28 March 2019, FCA has updated and published draft directions and updated its explanatory note providing guidance on the use of the TTP.
1. PRA: Speech by Sam Woods: Stylish regulation Text of this speech, given on 16 May 2019 follows, in which Sam Woods considers the UK system of regulation post-Brexit, including comparing the UK and EU approaches to regulation. He sets out six principles for an effective regulation framework and suggests ...
The week in outline: Her Majesty’s Government (HMG) published its long awaited White Paper ‘The future relationship between the United Kingdom and the European Union’ on July 12. In summary, and as expected, HMG announced a major policy change with a new bifurcated approach to the trading relationship: HMG now ...
The week in outline: The week was dominated by domestic UK politics and the cabinet's Brexit 'away day' at Chequers. The cabinet statement (see document 1 below) released on Friday night confirmed the anticipated approach of HM Government (HMG). This high-level document is due to be followed by the publication ...
The week in outline: The week was dominated, again, by the EU (Withdrawal) Bill. The bill has completed the parliamentary process and now only awaits the formality of Royal Assent. The Act will repeal the European Communities Act 1972 and provide the mechanism for the domestication (or ‘on-shoring’ or ‘porting’) ...
The week in outline: Verena Ross of ESMA has emphasised that Brexit requires ESMA to strengthen the Capital Market Union and reform third country treatment. This begs the question whether the EU is toughening its third country regime in financial services as a negotiation strategy and a failsafe against a ...
Since the Brexit referendum, the UK’s financial services sector has moved relatively quickly to close out the risks to its business and clients. In stark contrast there has been little, if any, progress (despite much debate) in clarifying what will happen to the EU legal structure in which UK financial ...
On 20 March, the European Central Bank (ECB) published a guide on non-performing loans ("Guidance to banks on non-performing loans", the Guidance) for banks. Said Guidance was published after a process beginning in 2014 when the ECB identified the key risk for Eurozone banks as the existence and maintenance of ...
The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...