Nota Bene Episode 104: European Q4 Check In: Brexit, Digital Platform Regulation, and National Security Regulation with Oliver Heinisch
Nota Bene Episode 81: European Check In: How the EU is Dealing with the Pandemic’s Economic Fallout with Oliver Heinisch
At 11pm (local time) on 31 January 2020, the United Kingdom ("UK") will leave the European Union ("EU"), an event often referred to as "Brexit". A transitional period will take effect as of this date and will last until 31...more
Q&As for UK Regulated Firms - Although the general election result has provided some certainty in relation to what happens next from a Brexit perspective, there are still many outstanding questions. In addition, a large...more
The U.K. Financial Conduct Authority has published a Policy Statement, final Technical Standards and changes to the Handbook rules on strong customer authentication and common and secure open standards of communication to be...more
The U.K. Government has published legislation extending the deadline for the U.K.'s withdrawal from the European Union, following an agreement reached with relevant European Union bodies on the extended Brexit deadline. The...more
The European Securities and Markets Authority has issued four public statements on its preparations for a no-deal Brexit in the event the U.K. fails to agree a deal with the EU or extend the Brexit deadline before October 31,...more
The U.K. Financial Conduct Authority has published a press release announcing that it is stepping up its efforts to assist firms to prepare for a no-deal Brexit...more
A U.K. statutory instrument has been published to onshore the EU Prospectus Regulation in the event of a no-deal Brexit. In preparing for an April Brexit, the U.K. had onshored the EU Prospectus Directive in the Official...more
A U.K. statutory instrument has been published to further the U.K.'s financial services legislation preparations in the event of a no-deal Brexit. The statutory instrument – the Financial Services (Electronic Money, Payment...more
With Parliament prorogued and the Government suggesting it may ignore legislation obliging it to request a further Brexit extension from Brussels, it remains a possibility that the UK may leave the EU on 31 October 2019...more
The European Commission has published a Communication on finalizing preparations for the withdrawal of the U.K. from the EU on November 1, 2019. The Commission stresses the likelihood of a no-deal Brexit on October 31, 2019...more
In early August 2019, the Luxembourg regulator, the Commission de Surveillance du Secteur Financier (the "CSSF"), confirmed in a press release that it had opened an online portal to allow UK firms currently using a financial...more
A number of key UK, EU and international financial services trade associations published a letter (dated April 5) to HM Treasury on the equivalence of European Economic Area (EEA) derivatives trading venues under the EU...more
On 20 March 2019, the Italian Council of Ministers approved a legislative decree introducing urgent measures to guarantee financial stability and market integrity in the event of withdrawal of the United Kingdom of Great...more
On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more
The law decree lays down a temporary regime for regulated firms in a no-deal Brexit scenario. On 20 March 2019, the Italian Council of Ministers approved a law decree laying down urgent measures to ensure financial...more
It is yet unclear if and when the House of Commons will again decide about the Withdrawal Agreement and whether the date for the UK leaving the EU will be changed. Under the current circumstances, a hard Brexit on 29 March...more
The Italian Securities Commission asks banks and investment firms in Italy and the UK to inform customers of Brexit consequences promptly. On 12 March 2019, the Italian Securities Commission (CONSOB) issued a warning...more
The European Securities and Markets Authority has published a statement on its approach to certain provisions of the Markets in Financial Instruments package and the Benchmarks Regulation in the event of a no-deal Brexit. The...more
On 2 March 2019, Royal Decree-Law 5/2019, which sets out contingency measures in the event of a no-deal Brexit, was published in the Spanish Official Gazette (the RDL). The Spanish Government approved the RDL to regulate...more
The financial services industry is often referred to as the jewel in the crown of the UK, but as the possibility of a “no-deal” draws ever closer, what measures are being put in place to ensure that the financial services...more
HM Treasury has published guidance on the availability of the exemption from the clearing obligation for Pension Scheme Arrangements under the European Market Infrastructure Regulation in a post-Brexit no deal scenario. The...more
On 19 February 2019, the European insurance regulator EIOPA released recommendations for the insurance sector, calling on national supervisory authorities (“NCAs“) in the EU27 to minimise the detriment to insurance...more
The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more
The House of Commons recently rejected the Withdrawal Agreement. While the UK Parliament is still debating how to leave the EU, a hard Brexit remains an option. To prepare for this possibility, the UK, EU Commission and EU27...more
On 8 January 2019 the FCA published a consultation paper, CP19/2, which sets out details of the financial services contracts regime (FSCR) and the rules the FCA proposes should apply to firms during the regime....more