Weekly highlights—15 November 2018

Weekly highlights—15 November 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 15 November 2018.

Brexit

Brexit Bulletin—UK and EU announce agreement in principle on the Withdrawal Agreement

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.

Venture Capital Funds (Amendment) (EU Exit) Regulations 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.

Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2018

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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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.