Weekly highlights—20 December 2018

Weekly highlights—20 December 2018

Brexit

 

Brexit: European Commission implements ‘no-deal’ Brexit Contingency Action Plan in relation to financial services

The European Commission published details of its ‘no-deal’ Brexit Contingency Action Plan in specific sectors, including in relation to financial services. Given the continued uncertainty in the UK surrounding the ratification of the Withdrawal Agreement—as agreed between the EU and the UK on 25 November 2018—and the call by the European Council (Article 50) on 13 December to intensify preparedness work at all levels and for all outcomes, the European Commission started implementing its ‘no deal’ Contingency Action Plan. This delivers on the Commission's commitment to adopt all necessary ‘no deal’ proposals by the end of the year, as outlined in its second preparedness communication of 13 November 2018.

European Commission takes action to facilitate transfers of derivative contracts to EU27 in event of no-deal Brexit

The European Commission adopted two delegated regulations (in relation to OTC derivative contracts not cleared by a CCP and  the date at which the clearing obligation takes effect for certain types of contracts) that would amend existing delegated regulations supplementing the European Market Infrastructure Regulation (EU) 648/2012 (EMIR) in order to facilitate the transfer of derivative contracts to counterparties located in the remaining 27 EU Member States (EU27) in the event that the UK withdraws from the EU without an agreement. The amendments would extend current exemptions from the clearing and margin requirements for a fixed period of time.

Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019

SI 2019/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 proposes to amend UK legislation and

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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.