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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 6 December 2018.
The Financial Conduct Authority (FCA) published its EU Withdrawal Impact Assessment, which was requested by the Treasury Select Committee and sets out the impact of the Withdrawal Agreement and future framework on the FCA's objectives. Andrew Bailey, FCA Chief Executive, also wrote to Nicky Morgan MP, Chair of the Treasury Select Committee.
The European Securities and Markets Authority (ESMA) published a final report with draft regulatory technical standards (RTS) proposing to amend the Commission Delegated Regulation on the risk mitigation techniques for OTC derivatives not cleared by a CCP (bilateral margin requirements) under the European Market Infrastructure Regulation (EMIR). These draft RTS provide regulatory solutions to support counterparties' Brexit preparations and to maintain a level playing field between EU counterparties, while addressing potential risks to orderly markets and financial stability.
SI 2018/1285: This 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 enactment amends pieces of UK primary and secondary legislation in order to address deficiencies in retained EU law in relation to the UK’s deposit guarantee scheme (DGS), the Financial Ombudsman Service and certain inquiries and investigations. These Regulations will come into force partly on 4 December 2018 and fully on exit day (Updated from draft on 4 December 2018).
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