Monthly Highlights: May 2019

Monthly Highlights: May 2019

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

Brexit 

Committee analyses Brexit implications for road, rail and maritime connectivity 

The European Union Committee has released a report called Brexit—road, rail and maritime transport. In the report, the committee examines the implications of Brexit for UK-EU surface transport, particularly what will be required for road, rail and maritime connectivity under a new UK-EU trading relationship. It also takes into account ‘no deal’ preparations on both sides. 

Accounting and auditing requirements—No deal Brexit guidance

The Department for Business, Energy & Industrial Strategy (BEIS) has published new guidance for stakeholders on how companies can ensure they comply with accounting and reporting requirements, and how auditing professionals should prepare for the possibility of the UK leaving the EU without a deal in place. 

FCA extends temporary permissions regime deadline to October 2019 

The Financial Conduct Authority (FCA) has confirmed the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. The deadline for applying to the trade repository and credit ratings agencies has also been extended to the same date.

Brexit SI Bulletin—latest drafts and sifting committee recommendations, 24 May 2019

The Commons European Statutory Instruments Committee (ESIC) and the Lords Secondary Legislation Scrutiny Committee (SLSC) are responsible for the sifting process under the European Union (Withdrawal) Act 2018 (EU(W)A 2018). These committees scrutinise proposed negative Brexit SIs and make recommendations on the appropriate parliamentary procedure before the instruments are laid in Parliament. This bulletin outlines the latest updates and recommendations, collated on 24 2019.

Benchmark transition

SONIA swaps majority of transactions in association’s quarterly review

In the International Swaps

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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.