Corporate weekly highlights—31 January 2019

Corporate weekly highlights—31 January 2019

This week’s edition of Corporate highlights includes the latest updates on Brexit, news on the FCA consultation to align the FCA Handbook with the Prospectus Regulation and FCA and FRC proposals for new stewardship measures.

In this issue:

Brexit

Competition (Amendment etc) (EU Exit) Regulations 2019

SI 2019/93: These Regulations are laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit. They amend and repeal provisions of UK primary and secondary legislation, and retained direct EU legislation in relation to competition, to correct deficiencies in competition legislation arising from EU exit. The Regulations prepare for a scenario where no agreement is reached between the UK and the EU. They exclude from retained EU law certain provisions of direct EU legislation and Treaty rights, which would otherwise be incorporated into UK law by operation of the savings under EU(W)A 2018. Currently, the UK antitrust enforcement and merger control systems are integrated with the EU. These Regulations separate the two systems, and make provision for a smooth transition to a standalone UK competition regime after exiting the EU. It comes into force on exit day. (Updated from draft on 24 January 2019).

For further information, see: LNB News 01/11/2018 6.

Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

SI 2019/Draft: These draft Regulations are laid in exercise of legislative powers under EU(W)A 2018 in preparation for Brexit. They address deficiencies in retained EU law that arise from the UK leaving the EU, specifically in relation to

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