Weekly highlights—28 June 2018

Weekly highlights—28 June 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 28 June 2018.

Brexit

European Union (Withdrawal) Act 2018

The European Union (Withdrawal) Act 2018 (EUWA) received Royal Assent on 26 June 2018. The Act repeals the European Communities Act 1972 on the day the UK leaves the EU. It ends the supremacy of EU law in UK law, converts EU law as it stands at the moment of exit into domestic law, and preserves laws made in the UK to implement EU obligations. As a general rule, the same rules and laws will apply on the day after exit as on the day before. It will then be for Parliament and, where appropriate, the devolved legislatures to make any future changes.

HM Treasury outlines approach to financial services legislation under the EU (Withdrawal) Act

HM Treasury issued a paper setting out its approach to laying financial services statutory instruments (SIs) under the EUWA, which forms part of the wider work the government is undertaking to prepare for the UK’s withdrawal from the EU. HM Treasury states that the government is confident that the implementation period, agreed between the UK and the EU earlier this year, will be in place between 29 March 2019 and 31 December 2020. Nevertheless, the government says it will ensure that a workable legal regime is in operation whatever the outcome of negotiations.

The Bank of England (BoE), the Financial Conduct Authority (FCA) and the Payment Services Regulator (PSR) have each issued statements explaining their approaches to preparing for Brexit and financial services legislation under the EUWA.

Chancellor Hammond spells out his vision for financial services post-Brexit

The chancellor of the exchequer, Philip Hammond,

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.