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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.
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.
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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