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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 15 November 2018.
The UK government and the European Commission announced a deal in principle on the legal terms of the UK’s withdrawal from the EU. A copy of the draft Withdrawal Agreement agreed at negotiator level (to be ratified) is now published, along with an outline of the political declaration on the framework for the future EU-UK relationship (to be finalised). The UK Prime Minister confirmed the cabinet’s decision to back the deal and the European Commission recommended to the EU27 that decisive progress has been made and steps should be taken to initiate the process of formalising the deal. A special summit of the EU27 is expected to take place on 25 November 2018.
SI 2018/Draft: This draft enactment is laid before Parliament in exercise of legislative powers under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit. This enactment is being laid in order to address the deficiencies in retained EU law in relation to European Venture Capital Funds, 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. It comes into force on exit day.
SI 2018/Draft: This draft enactment is laid before Parliament in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This
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