Corporate weekly highlights—14 March 2019

Corporate weekly highlights—14 March 2019

This week’s edition of Corporate highlights includes details of two new Brexit SIs on stamp duty and financial services, proposals by the London Stock Exchange to change its primary and secondary market rulebooks in the event of a no deal Brexit, the announcement of the replacement of the FRC with a new Audit Reporting and Governance Authority and a related consultation regarding this new regulator, recommendations from the Digital Competition Expert Panel on reforms to tackle challenges posed by digital markets and a government commitment in the Spring Statement 2019 to tackle late payments for small businesses.

In this issue:

Brexit

Stamp Duty and Stamp Duty Reserve Tax (Amendment) (EU Exit) Regulations 2019

SI 2019/515: These regulations (which were made on 7 March 2019) are made in exercise of legislative powers under the Finance Act 1986 and Finance Act 2012 in preparation for Brexit. This enactment ensures that reliefs necessary for maintaining market liquidity from Stamp Duty and Stamp Duty Reserve Tax transactions continue to cover the UK and Gibraltar in the event that no deal is reached on the UK’s withdrawal from the EU. The Regulations will come into force on exit day.

For further information, see: LNB News 08/03/2019 141.

Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019

SI 2019/541: These regulations were made on 11 March 2019 in exercise of legislative powers under the European Union (Withdrawal) Act 2018 to address deficiencies in relation to the EU equivalence framework for financial services and retained EU law arising from Brexit. The regulations make provision for elements of the UK equivalence framework in a no deal scenario and provide

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