Monthly Highlights: June 2018

Monthly Highlights: June 2018

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

Brexit

European Union (Withdrawal) Bill receives Royal Assent

The European Union (Withdrawal) Bill received Royal Assent on 26 June 2018. Following over 250 hours of parliamentary debate, and over 1,400 tabled amendments, the final text of the European Union (Withdrawal) Act 2018 will reflect several changes to the version originally introduced in the House of Commons in July 2017. Now that the government’s flagship Brexit legislation has become law, the government can start using delegated powers to prepare the UK statute book for Brexit.

EBA opinion sets out preparations firms should take for no-deal Brexit

The European Banking Authority (EBA) has published an opinion on the risks of inadequate preparations by financial institutions for the possibility of a no-deal Brexit. The EBA says firms should not rely on political agreements or public policy interventions that may not be proposed and/or agreed in time. In particular, financial institutions should ensure they have the correct regulatory permissions and associated management capacity in place ahead of time, and are aware of their customer protection obligations in these circumstances.

ICMA open letter warns of the cliff-edge risks of Brexit for capital markets

The International Capital Market Association (ICMA) has written an open letter to European Commission president Jean-Claude Junker and UK prime minister Theresa May, expressing ‘real and increasingly pressing concerns’ about the cliff-edge risks of Brexit. It says these risks would fragment international debt capital markets, and damage business in the real economy and financial stability.

FIA survey looks at clearing brokers’ Brexit contingency plans

The Futures Industry Association (FIA) has released survey results that provide a high-level snapshot into clearing brokers’ Brexit contingency plans, the issues they face when structuring

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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.