Monthly Highlights: July 2019

Monthly Highlights: July 2019  

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

Brexit 

Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 3) Regulations 2019

This draft enactment is laid in exercise of legislative powers under the European Communities Act 1972, the Financial Services and Markets Act 2000 and the European Union (Withdrawal) Act 2018 in preparation for Brexit. It proposes to amend UK primary and subordinate legislation and amend and revoke retained direct EU legislation in relation to financial services in order to ensure a coherent and functioning financial services regulatory regime once the UK leaves the EU. It comes into force partly on 11:59 pm on the day on which these Regulations are made, partly on the day after the day on which these Regulations are made, partly immediately before exit day, and fully on exit day.

Insolvency (Amendment) (EU Exit) (No 2) Regulations 2019

This draft enactment is laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This draft enactment proposes to amend UK subordinate legislation in relation to insolvency, which is required as a result of the extension to the UK’s exit from the EU. It comes into force on exit day.

AFME paper looks at regulatory impacts of a no-deal Brexit for financial services firms

The Association for Financial Markets in Europe (AFME) has published a report setting out the remaining no-deal risks in the financial services sector and highlighting areas where further work is needed to mitigate risks and minimise disruption to markets and clients. AFME says that while a ‘very substantial’ amount of work has already been undertaken to mitigate risks by both firms and regulators, a no-deal Brexit is likely to have a significant impact on the financial services sector, and regulatory and operational challenges

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About the author:

Zahra started working as a paralegal at Lexis Nexis in Banking and Insolvency teams in April 2019. Zahra graduated with a 2.1 honours in a BA French and Spanish, completed the GDL at BPP University and is seeking some experience before commencing the LPC. She has undertaken voluntary work for law firms in London, Argentina and Colombia.