Weekly highlights—26 July 2018

Weekly highlights—26 July 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 26 July 2018.

Brexit

EEA passporting rights transitional provisions—draft SI published for inbound EEA firms; Government, BoE and FCA publish related commentary

The government published a draft SI entitled ‘EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018’, that will, subject to parliamentary approval, deliver a temporary permissions and recognition regime for inbound passporting EEA firms after the UK’s withdrawal from the EU. The government also published explanatory notes, while the Bank of England (BoE) published related commentary and the Financial Conduct Authority (FCA) set out in detail an updated approachto the temporary permissions regime for both firms and investment funds.

BoE letter regarding post-Brexit plans for SFD operating systems

The BoE published a letter from its executive director, financial market infrastructure, David Bailey, to the chief executives of operating systems designated under the Settlement Finality Directive (SFD). Mr Bailey sets out the BoE's plans for the future UK framework for settlement finality designation of EU systems and clarifies the means through which overseas central counterparties (CCPs), central securities depositories (CSDs) and payment systems can benefit from UK settlement finality designation.

EU leaders urged to increase preparations for Brexit

The European Commission published a Communication outlining different scenarios which could come from the Brexit negotiations and considers the consequences and impact on the EU. The Commission released the Communication to encourage the leaders in Member States to prepare for all potential outcomes to reduce the risk of negative repercussions.

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.