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

Brexit 

House of Commons Library analyses EU and Member State no deal preparations

The House of Commons Library has released a report called ‘EU preparations for a no deal Brexit’, which looks at both EU-level preparations for a no deal Brexit and those preparations put inplace by some EU Member States. According to the authors of the report, the European Commission’s programme ‘is one of damage limitation inareas that would be most seriously affected and could create problems for the EU27’. The Irish border issue and the EU Member States’ respective positions on citizen’s rights are also outlined inthe report. 

FCA publishes PS19/15 containing near final rules applying the FCA’s existing supervisory and enforcement processes to securitisation repositories on Brexit

The Financial Conduct Authority (FCA) has published policy statement 19/15 (PS19/15) which outlines the near final rules applying the FCA’s existing supervisory and enforcement processes to securitisation repositories when the UK leaves the EU. It also sets out the final rules inrespect of additional enforcement powers under the Securitisation Regulations 2018 (SI 2018/1288) (2018 Regulations). The Policy Statement follows on from the FCA’s consultation paper 19/11 (CP19/11) and its earlier CP18/30 and PS18/25. 

European Commission reports on measures taken inpreparation for no-deal Brexit

The European Commission has announced that a no-deal scenario remains a possible outcome of the Brexit process, especially inlight of the continued uncertainty regarding the ratification of the Withdrawal Agreement by the UK Parliament, and appropriate measures are being taken to prepare for it. The Commission reports that, inthe process, it has so far tabled 19 legislative proposals, almost all of which have been adopted by the European Parliament and Council of the EU. It has also adopted 63 non-legislative acts