The UK has left the EU but there remains a vast array of operational and legal issues for businesses to address. See below for our perspectives on the key challenges and opportunities that Brexit presents for different...more
European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 - The European Union Withdrawal (Consequential Modifications) (EU Exit) Regulations 2020 (SI 2020/1447) have been published, together with...more
Following the signature of the EU-U.K. Withdrawal Agreement on January 24, 2020, the European Central Bank has issued a statement expressing its regret that the U.K. is leaving the EU but stating its intention to ensure that...more
The Council of the European Union has adopted a decision to conclude the EU-U.K. Withdrawal Agreement. The European Parliament consented to the Agreement on January 29, 2020....more
The European Union (Withdrawal Agreement) Act 2020 (Commencement No. 1) Regulations 2020 have been published by the U.K. Government. The Commencement Regulations establish “exit day” (January 31, 2020), as the day upon which...more
HM Treasury has published a letter addressed to the Chair of the European Union Committee of the House of Lords concerning equivalence for financial services as a result of Brexit. In the letter, HM Treasury confirms that the...more
The European Union (Withdrawal Agreement) Act 2020 has received Royal Assent and has been published by the U.K. Government. The EUWA Act 2020 implements the revised Withdrawal Agreement agreed between the EU and the U.K. last...more
The Hogan Lovells’ Corporate Insurance Newsletter for January 2020 has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. In this...more
Parliament has now passed the European Union (Withdrawal Agreement) Act (“the Act”). The Queen gave her Royal Assent to the legislation last week and the Prime Minister immediately signed the Withdrawal Agreement. ...more
Now that the UK Government has a majority in Parliament to pass the EU (Withdrawal) Act before its invocation of Article 50 of the Treaty of European Union expires on 31 January 2020, the threat of the UK leaving the EU...more
In last year’s publication and in our mid-year progress report, we highlighted the top regulatory focus areas for our clients during 2019, concentrating on wholesale market structures and conduct risk. This publication...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. 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 Hogan Lovells’ Corporate Insurance Newsletter for October has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. ...more
Yesterday, the EU and U.K. in principle agreed new terms for the withdrawal agreement giving effect to the U.K.’s exit from the European Union. These include a revised political declaration and protocol concerning Northern...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
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 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
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 19 December 2018, the European Commission published a Communication addressed at the EU institutions. The Communication relates to the preparation for the withdrawal of the United Kingdom from the European Union, in case...more
UK Post-Brexit EU Financial Services Legislation - Shearman & Sterling is today making available further consolidated versions of EU legislation showing the proposed U.K. onshored versions. The batch of legislation that...more