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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 25 October 2018.
SI 2018/Draft: Consistent with the government's objective of providing continuity to businesses and consumers as far as possible, HM Treasury confirmed that the policy approach set out in MiFID II legislation will not change after the UK has left the EU. This SI once finalised will support the fair, stable and transparent operation of UK financial markets after EU withdrawal, and provides for investors to have the same protections they currently enjoy. However, to ensure that the MiFID II regime continues to operate effectively once the UK is outside of the EU, certain deficiency fixes to the legislation will be necessary.
SI 2018/Draft: This draft enactment is made in exercise of legislative powers under the European Communities Act 1972 and the European Union (Withdrawal) Act 2018 in preparation for Brexit. This draft enactment proposes to amend and repeal UK primary and subordinate legislation and retained EU legislation in relation to recovery and resolution of credit institutions and investment firms in order to address deficiencies in retained EU law arising from the withdrawal of the UK from the EU. The proposed amendments and repeals are laid to bring up to date certain references in the relevant legislation to the European legislation, ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU. It comes into force partly on exit day.
After Brexit, the Financial Conduct Authority (FCA) will become the UK regulator of trade repositories. On 5 October 2018 the Treasury published a draft of the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018. This
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