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