Monthly Highlights: January 2019

Monthly Highlights: January 2019

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

Brexit

ISDA future-proofs arrangements against uncertainties posed by Brexit

Judith Lawless, partner at McCann FitzGerald in Dublin, explains how the International Swaps and Derivatives Association’s (ISDA) publication of Irish and French law governed credit support documents is part of a broader ISDA initiative responding to member demand for documentation governed by the laws of an EU Member State in News Analysis:  ISDA future-proofs arrangements against uncertainties posed by Brexit.

ISDA publishes Brexit FAQs

ISDA has published a set of frequently asked questions (FAQs) which address the possible UK position after its exit from the EU. The responses to the FAQs involve an assessment of the various outcomes of the exit negotiations, including a possible no-deal Brexit.

FCA publishes guidance for UCITS and AIFs on how to notify under the temporary permissions regime

The Financial Conduct Authority (FCA) has published a document providing guidance on how to notify the FCA under the temporary permission regime (TPR) for inbound passporting European Economic Area (EEA) investment funds. If the UK leaves the EU without a withdrawal agreement in place, the TPR will allow EEA firms and funds which currently passport into the UK to continue operating in the UK within the scope of their current permissions for a limited period after exit day, while seeking full UK authorisation, and will allow funds with a passport to continue marketing temporarily in the UK. Managers of undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs) wishing to use the regime must tell the FCA which of their funds they wish to continue marketing in the UK, and the document published by the FCA provides detailed instructions for doing this.

Commission adopts Delegated Regulations granting post-Brexit exemptions to BoE

The European Commission has adopted Commission Delegated Regulations including the Bank of

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