Weekly highlights—22 November 2018

Weekly highlights—22 November 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 22 November 2018.

Brexit

Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018

SI 2018/1184: This enactment is made in exercise of the legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This enactment amends EU Regulation (EU) 648/2012 on over the counter (OTC) derivatives, central counterparties and trade repositories in relation to the recognition of third country counterparties (in anticipation of it being retained in UK law after Brexit). Consequential amendments and transitional provisions are also made. It comes into force partly on 14 November 2018, and fully on exit day (updated from draft on 15 November 2018).

Building Societies Legislation (Amendment) (EU Exit) Regulations 2018

SI 2018/1187: This enactment is made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This enactment amends UK legislation in relation to extending reciprocal treatment to borrowers whose loans are secured on land in an European Economic Area (EEA) state, and to bodies incorporated in an EEA state which is no longer appropriate when the UK is no longer an EU Member State nor a party to the EEA Agreement. It comes into force on 29 March 2019 (updated from draft on 16 November 2018).

Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018

SI 2018/1199: This enactment is made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit in order to ensure that the regulation establishing technical and business requirements for credit transfers and direct debits in euro can continue to operate effectively after the UK’s withdrawal from the EU.

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.