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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 29 November 2018.
The Financial Services (Implementation of Legislation) Bill was introduced in the House of Lords on 22 November 2018. It is intended to provide the Government with the power to implement and make changes to ‘in flight’ files of financial services legislation for two years after the UK's withdrawal from EU in the absence of a withdrawal agreement being reached (ie in a no-deal scenario).
HM Treasury published a policy note in relation to The Financial Services (Implementation of Legislation) Bill outlining the Bill's purpose and further detail on the 'in-flight files' specified in the Bill itself. The Bill provides the UK Government with a delegated power, in a no-deal scenario, to implement and make changes to a specified list of 'in-flight files' for two years after the UK's withdrawal from the EU. 'In-flight files' are pieces of EU financial services legislation agreed or in negotiation at the point of the UK's exit, with implementation dates falling in the two years after exit.
SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This draft enactment proposes to amend UK legislation and retained EU legislation in relation to interchange fee regulation in order to ensure that Regulation (EU) 2015/751 on interchange fees for card-based payment transactions can continue to operate effectively as direct retained EU law after the UK’s withdrawal from the EU. It comes into
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