Legal & Regulatory News
Legal & Regulatory News
- 20 December 2017UK Government publishes written statement on plans to ensure continuity in financial services in event of no Brexit deal with the EU-27
A written statement was made in the House of Commons by Philip Hammond, Chancellor of the Exchequer, on behalf of HM Treasury relating to the Bank of England's plans to ensure continuity in financial services in the event of the UK failing to reach a deal with the EU.
- 15 December 2017EU-27 formally agrees sufficient progress in Brexit negotiations to move to next phase
The EU-27 Council has adopted Guidelines formally stating that there has been "sufficient progress" in the Brexit negotiations for them to proceed to the second phase, relating to transitional arrangements and the framework for the future UK-EU relationship.
- 20 November 2017ECB speech on banks' Brexit preparation plans
The European Central Bank (ECB) has published a speech given by Sabine Lautenschläger, ECB Executive Board Member and Supervisory Board Vice-Chair, which considers banks' Brexit preparations.
- 20 November 2017Michel Barnier discusses meaning of Brexit for the financial services sector
The European Commission has published a speech by Michel Barnier, EU chief Brexit negotiator, on the future relationship between the UK and EU within the context of financial services.
- 15 November 2017ECB provides criticism of UK banks' relocation plans
The European Central Bank (ECB) has published a newsletter criticising the Brexit relocation plans of UK banks currently operating in the euro zone. The ECB states that elements of certain banks' plans do not meet the expectations or requirements of banks operating in the euro zone.
- 14 November 2017David Davis delivers speech on the City of London after Brexit
David Davis has delivered a speech on Brexit to provide insight into the Government's approach to the Brexit negotiations and its aim to ensure that London remains a world-leading financial centre for the benefit of both the UK and the EU.
- 13 November 2017UK Government announces Withdrawal Agreement and Implementation Bill
The Secretary of State for Exiting the European Union, David Davis, gave a statement to the House of Commons announcing that a Withdrawal and Implementation Bill will be introduced to implement the policies set out in the withdrawal agreement to be agreed between the UK and the EU.
- 09 November 2017House of Lords EU Financial Affairs Committee calls for urgent agreement on a post-Brexit transition period for the financial services sector
The House of Lords EU Financial Affairs Sub-Committee has published a letter addressed to Philip Hammond, Chancellor of the Exchequer, calling for urgent agreement on a post-Brexit transition period for the financial services sector.
- 20 October 2017European Council concludes Brexit negotiations have not made sufficient progress to proceed to next phase
The European Council has concluded that Brexit negotiations have not sufficiently progressed to a point where they can progress to phase two: framework for the future relationship and on possible transitional arrangements.
- 20 October 2017House of Commons Treasury Committee launches inquiry into UK's economic relationship with the EU
The House of Commons Treasury Committee has announced the launch of an inquiry into the UK's economic relationship with the EU following Brexit.
- 12 October 2017EBA publishes opinion on the departure of the UK from the EU
The European Banking Association has published an opinion on issues relating to Brexit. The opinion is intended to provide guidance on supervisory expectations and address regulatory risks that accompany requests from financial services entities seeking to relocate to the EU within a relatively short time period.
- 04 October 2017PRA's Sam Woods gives speech on Brexit issues for banks and insurers
The Bank of England has published a speech given by Sam Woods, BoE Deputy Governor and Prudential Regulation Authority CEO, which provides an overview of issues relating to Brexit for the PRA and PRA-regulated firms.
- 22 September 2017Theresa May gives Brexit speech in Florence
The Prime Minister has given her speech on Brexit in Florence. She set out the UK's current stance in relation to Article 50 withdrawal issues, the future relationship, and a transitional period after the UK's exit.
- 21 September 2017Joint Committee of ESAs report on risks and vulnerabilities in EU financial system
The Joint Committee of the European Supervisory Authorities has published its September 2017 report on risks and vulnerabilities in the EU financial system. The Joint Committee has identified Brexit and rapid developments in FinTech as the two main risks currently facing the EU financial system.
- 21 September 2017Speech by Michel Barnier on Brexit negotiations
The EU's chief negotiator, Michel Barnier, has given a speech on the state of the Article 50 negotiations to the Committees of Foreign Affairs and the Committees of European Affairs of the Italian Parliament.
- 22 August 2017UK Government publishes position paper on cross-border civil judicial co-operation post-Brexit
The UK Government has published a position paper on providing a framework for cross-border judicial co-operation in civil matters post-Brexit. In its paper, the Government states its commitment to maintaining and deepening civil judicial co-operation internationally.
- 16 August 2017Vice-Chair of ECB Supervisory Board discusses Brexit preparations
On 16 August 2017, the Vice-Chair of the Supervisory Board of the European Central Bank (ECB), Sabine Lautenschläger, took part in a Q&A discussing developments in the preparatory work of banks and supervision in relation to Brexit.
- 12 August 2017FMLC publishes paper on post-Brexit issues of legal uncertainty relating to cross-border insolvency proceedings
The Financial Markets Law Committee (FMLC) has published a paper on issues arising from legal uncertainty in relation to cross-border insolvency proceedings in light of the UK's withdrawal from the EU.
- 02 August 2017UK Government to introduce Sanctions Bill
On 2 August 2017, the UK Government announced plans to introduce a Sanctions Bill, enabling the UK to have the necessary legal powers to continue implementing sanctions following Brexit.
- 02 August 2017UK Prudential Regulation Authority writes to Treasury Committee regarding firms' contingency planning
On 2 August 2017, the Prudential Regulation Authority (PRA) responded to a letter from the Chair of the Treasury Committee relating to contingency planning post-Brexit.
- 24 July 2017House of Lords EU Financial Affairs Sub-Committee launches inquiry into financial regulation and supervision following Brexit
On 24 July 2017, the House of Lords EU Financial Affairs Sub-Committee issued a call for evidence, announcing that it will be launching an inquiry into the future of financial regulation and supervision following Brexit.
- 13 July 2017European Commission publishes position paper on judicial cooperation in civil and commercial matters
On 13 July 2017, the European Commission published a position paper, entitled 'Essential Principles on Ongoing Judicial Cooperation in Civil and Commercial Matters', containing the main principles to be presented to the UK in the context of Article 50 negotiations.
- 13 July 2017ESMA issues sector-specific principles on relocations from UK to EU27
The European Securities and Markets Authority (ESMA) has published three opinions stating sector-specific principles aimed at fostering consistency amongst UK financial market participants seeking to relocate to the EU27.
- 13 July 2017European Union (Withdrawal) Bill given First Reading
Given its first reading in the House of Commons, the European Union (Withdrawal) Bill will repeal the European Communities Act 1972 and convert existing EU law currently effective in the United Kingdom into domestic law (as it applies on the date of the UK's exit from the EU). In addition, the Bill will preserve any laws created in the UK to implement EU obligations.
- 22 June 2017EU and UK begin Brexit negotiations
On 19 June 2017, the first round of Brexit negotiations was launched in Brussels. The discussion focused on the fundamental structure of the negotiations, including that the initial negotiations will be grouped into three topics: a single financial settlement; citizens' rights; and other separation issues.
- 31 May 2017ESMA publishes opinion to support supervisory convergence on financial market participant relocations to EU27 in the wake of Brexit
The European Securities and Markets Authority has published an opinion which outlines a number of general principles to support supervisory convergence in the context of the UK withdrawing from the EU. The general principles, which are addressed to National Competent Authorities in the remaining 27 Member States, aim to foster consistency in the authorisation, supervision and enforcement relating to the relocation of entities, activities and functions that may arise as a result of Brexit.
- 22 May 2017EU General Affairs Council adopts negotiating directives and authorises the EU Commission to begin Brexit negotiations with the UK
Following a recommendation presented by the EU Commission, the EU General Affairs Council has adopted a decision to authorise the initiation of negotiations with the UK on its withdrawal from the EU and has formally nominated the EU Commission as the official EU negotiator.
- 29 April 2017EU Council agrees on guidelines for Brexit negotiations
The European Council agreed on and published its guidelines defining the framework for Brexit negotiations under Article 50 of the Treaty on European Union. The document sets out the overall positions and principles that the EU will pursue throughout the negotiation process.
- 21 April 2017UK Government consultation on future legal framework for imposing and implementing sanctions
The UK Government launched a public consultation relating to the requirement for a legal framework for imposing and implementing sanctions.
- 29 March 2017UK Government invokes Article 50 and publishes white paper on the Great Repeal Bill
The UK Government has formally notified Donald Tusk, the President of the European Council, of its intention to exit the EU by invoking Article 50 of the Treaty on European Union.
- 29 March 2017EU Parliament publishes draft resolution on negotiations with the UK following the UK's notification of its intended withdrawal from the EU
The EU Parliament published a draft motion for a resolution outlining the key principles and conditions for final approval by the Parliament of any withdrawal agreement with the UK. Parliament debated and voted by majority to adopt the resolution.
- 22 March 2017ECB Supervisory Board Vice-Chair makes statement on UK banks seeking post-Brexit licences in the Eurozone
Sabine Lautenschläger, Vice-Chair of the Supervisory Board of the European Central Bank (ECB), has made a statement regarding risk management within banks and in particular the challenges that arise as a result of Brexit.
- 21 March 2017UK Government responds to House of Lords Committee report on possible impact of Brexit on financial services
The UK Government has published a response to the House of Lords European Union Committee report on the possible impact of Brexit on financial services.
- 20 March 2017European Union (Notification of Withdrawal) Bill 2017 approved by Parliament and receives Royal Assent
On 13 March 2017, the House of Commons rejected the proposed amendments to the European Union (Notification of Withdrawal) Bill 2017. The Bill received Royal Assent on 16 March 2017, therefore enabling the Government to serve notice of the UK's intention to withdraw from the EU.
- 20 March 2017European Union (Notification of Withdrawal) Bill 2017 approved by Parliament and receives Royal Assent
On 13 March 2017, the House of Commons rejected the proposed amendments to the European Union (Notification of Withdrawal) Bill 2017 and the Bill received Royal Assent on 16 March 2017.
- 01 March 2017EU Commission publishes white paper on the future of the EU
The EU Commission has published a white paper on the future of Europe. The paper outlines the main challenges and opportunities that are likely to face Europe over the next decade, including technology, globalisation, security concerns and the rise of populism.
- 02 February 2017UK Government publishes Brexit White Paper
The Department for Exiting the European Union has published a White Paper outlining the UK Government's plan for future partnership with the EU. The paper focuses on the twelve principles set out by the Prime Minister in her speech on 17 January 2017.
- 30 January 2017EU Parliament publishes study on future EU-UK financial services relationship
The EU Parliament has published a study on three potential concepts for the future UK-EU financial services relationship following Brexit. The study was prepared at the request of the Committee on Economic and Monetary Affairs to better understand the relationship prospects between the UK and the EU.
- 26 January 2017UK Government publishes European Union (Notification of Withdrawal) Bill
The UK Government has introduced the European Union (Notification of Withdrawal) Bill to the House of Commons which has now passed all stages in the House of Commons and is being read in the House of Lords.
- 24 January 2017UK Supreme Court holds that notice under Article 50 to trigger withdrawal from the EU requires Parliamentary consent
In the case of R (Miller and Santos) v Secretary of State for Exiting the European Union  UKSC 5, the Supreme Court upheld by a majority of 8 - 3 the High Court decision that the UK Government could not issue a notice under Article 50 of the Treaty on European Union to withdraw the UK from the EU by way of the Royal prerogative and would require authorisation of an Act of Parliament in order to do so.
- 17 January 2017Theresa May's speech on UK Brexit negotiating objectives
On 17 January 2017, the UK Prime Minister, Theresa May, delivered a speech on the UK Government’s negotiating objectives for exiting the EU, which included several key points relating to the financial services industry.
- 14 January 2017House of Commons Exiting the European Union Committee publishes report on process for exiting the EU and the UK Government's negotiating objectives
The House of Commons Exiting the European Union Committee has published its first report of the 2016-17 Parliamentary session on the process for exiting the European Union and the UK Government’s negotiating objectives.
- 20 December 2016Scottish Government publishes proposals to retain European Single Market access and for review of its devolutionary powers
On 20 December 2016, the Scottish Government published proposals by which it could retain its position in the European Single Market (ESM).
- 15 December 2016House of Lords EU Committee reports on possible impact of Brexit on financial services
The EU Financial Affairs Sub-Committee of the House of Lords EU Committee has published its final report following an inquiry on Brexit implications for the UK's financial services industry, which was launched in September 2016.
- 12 December 2016Treasury Committee calls for evidence on EU exit and transitional arrangements
On 12 December 2016, the Treasury Committee issued a call for written submissions on transitional arrangements as part of its inquiry into the UK's future financial relationship with the EU.
- 09 December 2016EU Parliament publishes briefing on UK role in EU financial services
The EU Parliament Directorate-General for Internal Policies has published a briefing which reports on the UK's prominent role in the EU single market for financial services.
- 16 November 2016ICC report on financial institutions and international arbitration
The International Chamber of Commerce (ICC) Commission on Arbitration and ADR's Task Force on Financial Institutions and International Arbitration have published a report on Financial Institutions and International Arbitration.
- 08 November 2016EU Parliament publishes briefing on third-country equivalence in EU banking legislation
The EU Parliament has published a briefing on the difference between 'passporting' rights and 'third-country equivalence' rights in EU banking legislation.
- 03 November 2016UK High Court holds that Parliamentary approval required to invoke Article 50 and trigger a withdrawal from the EU
In the case of R (on the application of Miller) v Secretary of State for Exiting the European Union  EWHC 2768 (Admin), the High Court held that the UK Government does not have the power on its own to give notice under Article 50 of the Treaty on European Union to withdraw from the EU. The Government would need authorisation from Parliament to do so.
- 20 October 2016Scottish Government publishes draft bill on second independence referendum
The Scottish Government has published a draft bill and launched a consultation on a second referendum on Scottish independence from the UK.
- 10 October 2016UK Government's plan for withdrawal from the EU announced by Secretary of State for Exiting the European Union
The Secretary of State for Exiting the European Union, David Davis, has made a statement in the House of Commons on the next steps for the UK in leaving the European Union.
- 07 September 2016House of Lords EU Committee launches inquiry into Brexit and financial services
On 31 August 2016, the House of Lords EU Sub-Committee on Financial Affairs launched an inquiry into Brexit and financial services in the UK following the public vote to leave the European Union in June 2016.