Weekly highlights—6 December 2018

Weekly highlights—6 December 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 6 December 2018.

Brexit

FCA assesses impact of EU Withdrawal Agreement

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.

ESMA proposes second and final regulatory change to support the Brexit preparations of counterparties to non-cleared OTC derivatives ​

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.

Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

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).

Sanctions Review Procedure (EU Exit) Regulations 2018

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.