Weekly highlights—24 January 2019

Weekly highlights—24 January 2019

Brexit

 

US-UK bilateral agreement on prudential measures regarding insurance and reinsurance presented to Parliament

The bilateral agreement between the US and the UK on prudential measures regarding insurance and reinsurance (the US-UK covered agreement), which was signed on 18 December 2018, was presented to Parliament. The US-UK covered agreement is intended to come into force once the UK is no longer a member of the EU and no longer covered by the existing US-EU covered agreement, the terms of which are consistent with the US-UK covered agreement. The aim is to ensure continuity for UK insurers and reinsurers accessing the US market.

John Glen explains temporary transitional power for no-deal Brexit

The House of Commons Treasury Committee published a letter from John Glen, economic secretary to the Treasury, to Nicky Morgan, the Committee chair, regarding the proposal for a temporary transitional power to be delegated to the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) in the event of a no-deal Brexit scenario. According to Mr Glen, the proposal is intended to complement and support other key transitional arrangements which Parliament already approved, including the Temporary Permissions Regime (TPeR).

Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019

SI 2019/Draft: This draft enactment is laid in exercise of legislative powers under the European Communities Act 1972, the Financial Services and Markets Act 2000, and the European Union (Withdrawal) Act 2018 in preparation for Brexit. This draft enactment amends UK primary and subordinate legislation in order to ensure that the regulatory regime for recognised investment exchanges, market operators (ie individuals who manage or operate the business of a regulated market, and who may be the regulated market itself), clearing

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