Weekly highlights—4 October 2018

Weekly highlights—4 October 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 4 October 2018.

Brexit

Friendly Societies (Amendment) (EU Exit) Regulations 2018

SI 2018/1039: This enactment is made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This enactment is being made in order to address deficiencies in the Friendly Societies Act 1992, and related subordinate legislation arising from the withdrawal of the UK from the EU, ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU. These Regulations will come into force on exit day.

Consumer Credit (Amendment) (EU Exit) Regulations 2018

SI 2018/1038: This enactment is made in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This enactment amends pieces of UK legislation in relation to consumer credit arising from the withdrawal of the UK from the EU, ensuring the pieces of legislation continue to operate effectively at the point at which the UK leaves the EU. These Regulations come into force on exit day.

LMA publishes paper on Brexit and risks post-1 January 2019

The Lloyd's Market Association (LMA) published a bulletin relating to Brexit and the placing of European Economic Area (EEA) /non-EEA risks post-1 January 2019, with links to model clauses relating to interlocking language for split/sectionalised Market Reform Contracts (MRC), Brexit affected policies and syndicates’ outwards reinsurance treaty exclusions.

ESMA proposes tightening up MiFID II/MiFIR third country regime post-Brexit

The European Securities and Markets Authority (ESMA) published a letter to the European Commission discussing concerns relating to the Markets in Financial Instruments

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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.