Monthly Highlights: February 2019

Monthly Highlights: February 2019

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from February 2019.

Brexit

Brexit and LMA documentation update

The Loan Market Association (LMA) is in the process of considering appropriate changes to be made to the relevant legislative references in its documentation in the event that the UK's onshoring legislation becomes effective on 29 March. If the UK's onshoring legislation becomes effective on 29 March 2019, the LMA's intention is to publish a table of those suggested changes on or about that date so as to release them to members as soon as possible. Those changes will then be incorporated into its documentation suite over the following weeks.

BoE, FCA and CFTC issue joint statement on continuity of derivatives trading and clearing post-Brexit

The Bank of England (BoE), Financial Conduct Authority (FCA) and Commodity Futures Trading Commission (CFTC) have issued a joint statement on continuity of derivatives trading and clearing post-Brexit. BoE, FCA and CFTC say that they are taking measures to ensure that the UK's withdrawal from the EU, in whatever form it takes, will not create regulatory uncertainty regarding derivatives market activity between the UK and US, and will coordinate their activities in the areas of supervisory cooperation, extension of existing CFTC relief and comparability for the UK, and UK equivalence for the US.

FMLC publishes report on issues of legal uncertainty arising in the context of emissions allowances after Brexit

The Financial Markets Law Committee has published a report titled ‘UK Withdrawal from the EU: Issues of Legal Uncertainty Arising in the Context of Emissions Allowances’. The UK’s withdrawal from the EU raises various issues of legal uncertainty relating to the EU emissions trading scheme (the EU ETS) and the European emissions allowances (EAUs), whether the UK leaves the EU ETS from the date of exit (as is expected in the event of a hard Brexit) or stays

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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.