Weekly highlights—11 October 2018

Weekly highlights—11 October 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 11 October 2018.

Brexit

HM Treasury publishes draft SIs amending retained EU law related to MiFID II and trade repositories

HM Treasury published two draft statutory instruments , which will make amendments to retained EU law related to markets in financial instruments and the registration and supervision oftrade repositories. The government expects to lay the statutory instruments before Parliament under the European Union (Withdrawal) Act 2018 in autumn 2018. The draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 will make amendments to retained EU law related to markets in financial instruments and the draft Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 will make amendments to retained EU law related to certain registration and supervision requirements for trade repositories.

HMT publishes explanatory memorandum to draft Solvency II and Insurance (Amendment etc) (EU Exit) Regulations 2018

HM Treasury published an explanatory memorandum to accompany draft statutory instrument Solvency II and Insurance (Amendments) (EU Exit) Regulations 2018, which will make amendments to retained EU law related to the prudential regulation ofthe insurance sector that arise from the UK's withdrawal from the EU. The government expects to lay the statutory instrument before Parliament under the European Union (Withdrawal) Act 2018 in autumn 2018.

HM Treasury issues proposal for temporary transitional power to be exercised by UK financial regulators in the event ofa no-deal Brexit

HM Treasury set out its proposal for a temporary transition tool to be exercised by the UK financial regulators—the Bank ofEngland (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA)—in the event ofa

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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.