Monthly Highlights: March 2019

Monthly Highlights: March 2019

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

Brexit

The impact of a no-deal Brexit on derivatives contracts

Habib Motani, partner and global head of the derivatives group at Clifford Chance LLP, and Carolyn Jackson, partner at Katten Muchin Rosenman UK LLP, and both P.R.I.M.E. Finance experts, discuss the impact of a ‘no-deal’ Brexit for derivative contracts and derivative market participants, both in the UK and the EU in News Analysis:  The impact of a no-deal Brexit on derivatives contracts.

ESMA statement on MiFID II/MiFIR and BMR provisions in event of no-deal Brexit

The European Securities and Markets Authority (ESMA) has published a statement on its approach to the application of some key recast Markets in Financial Instruments Directive / Markets in Financial Instruments Regulation (MiFID II/MiFIR) and Benchmark Regulation (BMR) provisions should the UK leave the EU under a no-deal Brexit.

FCA statement on MiFID II and BMR provisions in event of a no-deal Brexit

The Financial Conduct Authority (FCA) has also issued a statement setting out its position on the application of some key aspects of the recast MiFID II and the BMR if the UK leaves the EU without a withdrawal agreement in place.

FCA issues statement on derivatives reporting in a no-deal scenario

The FCA has issued a statement explaining what trade repositories (TRs), and UK counterparties that use them, should do to make sure they are compliant with their EMIR reporting obligations after the UK leaves the EU.

DfT publishes details of measures protecting flights in no deal scenario

The Department for Transport (DfT) has published details of measures that will ensure flights will continue if the UK leaves the EU without a deal.

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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.