A New UK EU Relationship in Financial Services: A Bilateral Regulatory Partnership
Following the referendum vote to leave the EU, the UK 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 the Legatum Institute Special Trade Commission have produced a joint report which looks at how the new UK/EU partnership might work in the field of financial services.
Our brochure, which summarises the key findings of the report, can be downloaded here.
The full report, with annexes, is available to download here.
You can download individual chapters of the report here:
Chapter 1 - Introduction
The status quo
Chapter 2 - Financial services under WTO Rules and FTAs
Chapter 3 - Regulating cross-border financial services - general
Chapter 4 - Regulating the different modes of cross-border supply
Chapter 5 - Assessing the sufficiency of regulation in another country for dual regulation coordination
Chapter 6 - A new UK-EU partnership
Chapter 7 - The timeline and legal challenges
Chapter 8 - Looking beyond the EU
Chapter 9 - Brexit outcomes without the comprehensive partnership
Chapter 10 - Evolution of the UK regulatory regime
Access the full Reform Tracker
A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.
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 ...
Brexit: Doing Insurance business in France post exit day
On 31 October 2019 EIOPA published Member State responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’. ACPR, the French regulator has indicated that it does not intend to comply with these recommendations. For full details see our RegZone report here.
On 31 October 2019 EIOPA published Member State responses to its February 2019 ‘Recommendations for the insurance sector in light of the United Kingdom withdrawing from the European Union’.
We are pleased to issue our updated Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe.
The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”).
However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border.
The diversity of the domestic rules makes it challenging for AIFMD authorised managers to assess the costs and various other requirements for penetrating the EU market. This guide provides a road map, which will hopefully assist managers in understanding the costs and other requirements under AIFMD, other EU directives and domestic regulations.
To view or download a copy of our Guide, please click here.
We are pleased to issue our updated Guide to Passporting: Rules on Marketing Undertakings for Collective Investment in Transferable Securities in Europe.
The UCITS Directive was established to harmonise retail collective investment schemes in the EU through the introduction of a common investment vehicle known as a “UCITS”. One of the key benefits of the UCITS Directive is that UCITS can be established and regulated in one EU member state and offered in others without the need for further authorisation by virtue of passporting rights under the UCITS Directive.
The purpose of this guide is to assist UCITS managers to understand the process and regulatory costs involved in exercising such passporting rights throughout Europe. To view or download our Guide, please click here.
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