Monthly Highlights: August 2018

Monthly Highlights: August 2018

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from August 2018.


No deal Brexit—Technical notice on banking, insurance and other financial services

The UK government published a technical notice for the banking, insurance and financial services sectors setting out guidance in the event that the UK leaves the EU without agreement (a 'no deal' scenario). This notice is part of a series of notices which aim to offer guidance for businesses and citizens to understand what they need to do in a 'no deal' scenario so that they can make informed plans and preparations.

FMLC examines the effects of a hard Brexit on legacy financial contracts

The Financial Markets Law Committee (FMLC) has published a report on UK withdrawal from the EU: Issues of legal uncertainty arising in the context of the robustness of financial contracts, which considers the possible consequences of a hard Brexit, involving a wholesale loss of authorisations, on legacy financial contracts—ie contracts in existence on exit day. The report takes an in-depth look at the question of the continuity of legacy contracts and highlights the legal uncertainty which will arise if there is no clarity as to the future of the UK-EU relationship post-Brexit. It also suggests a number of ways these uncertainties could be reduced or avoided.


Law Commission publishes consultation on electronic execution of documents

The Law Commission (Commission) has launched a consultation on the electronic execution of documents. The Commission’s provisional conclusion is that an electronic signature is capable in general of meeting a statutory requirement for a signature and that no legislative reform is necessary. The Commission believes this approach will remove current uncertainties in the law, allowing businesses to ‘speed up transactions by going fully

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.