FS News Brief—4 March 2019

FS News Brief—4 March 2019

Welcome to the first bulletin of the LexisPSL Financial Services 'News Brief'. This weekly update gives you a quick insight into some of the biggest stories from the past week, and highlights some of the stories that may have gone under your radar. 

 

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BoE, FCA and CFTC issue joint statement on continuity of derivatives trading and clearing post-Brexit

The Bank of England (BoE), Financial Conduct Authority (FCA) and Commodity Futures Trading Commission (CFTC) issued a joint statement on continuity of derivatives trading and clearing post-Brexit. BoE, FCA and CFTC say that they are taking measures to ensure that the UK's withdrawal from the EU, in whatever form it takes, will not create regulatory uncertainty regarding derivatives market activity between the UK and US, and will coordinate their activities in the areas of supervisory cooperation, extension of existing CFTC relief and comparability for the UK, and UK equivalence for the US.

FCA confirms proposals in the event of a no-deal Brexit

The FCA published policy statement PS 19/5: Brexit Policy Statement and Transitional Directions. The policy statement contains feedback received in response to its Brexit consultations: CP 18/28: Brexit: proposed changes to the Handbook and Binding Technical Standards; CP18/36: Brexit: proposed changes to the Handbook and Binding Technical Standards – second consultation; CP 18/29: Temporary permission regime for inbound firms and funds; CP 19/2: Brexit and contractual continuity and CP 18/34: Regulatory fees and levies, policy proposals for 2019/20. The policy statement also includes near-final Handbook rules

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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.