Weekly highlights—18 October 2018

Weekly highlights—18 October 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 18 October 2018.

Brexit

Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit in order to ensure that the regulation establishing technical and business requirements for credit transfers and direct debits in euro can continue to operate effectively after the UK’s withdrawal from the EU. It comes into force on exit day.

Short Selling (Amendment) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 in preparation for Brexit. This draft enactment amends UK primary legislation and EU retained legislation in order to address deficiencies in retained EU law in relation to short selling, the selling of securities which are either borrowed or not owned by the seller, arising from the withdrawal of the UK from the EU. This ensures that the legislation continues to operate effectively at the point at which the UK leaves the EU. It comes into force on exit day.

Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under the European Communities Act 1972 and the European Union (Withdrawal) Act 2018 in preparation for Brexit and amends pieces of UK primary and secondary legislation in order to address deficiencies in retained EU law in relation to the UK’s deposit guarantee scheme, the Financial Ombudsman Service and certain inquiries and investigations.

Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit)

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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.