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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 7 September 2017.
The Financial Markets Law Committee (FMLC) has responded to an MoJ request for analysis of issues of legal uncertainty arising out of clause 3 of the European Union (Withdrawal) Bill 2017. The explanatory notes to the Bill say that clause 3 ensures that EU legislation—where it comes into application section by section, in a staggered way over time—will be converted into domestic legislation only in so far as the instrument has entered into force and applies before exit day. Where the date of application of a provision falls after exit day, the provision will not be converted into domestic law. The FMLC says this introduces legal uncertainty on a number of fronts, most notably as it results in an increase in complexity for market participants attempting to establish which legal obligations apply to them.
The Association for Financial Markets in Europe (AFME) has published a paper asking for clarity on Brexit transition 'as early as possible'. Faced with no clarity on the future relationship between the EU and the UK, market participants are taking important decisions amid considerable uncertainty.
The City of London Law Society’s (CLLS) Insolvency Law Committee has written a letter to the Insolvency Service on the implications of Brexit. The background to the letter is the government‘s service of its Article 50 notice, the Brexit White Paper and the recently introduced European Union (Withdrawal) Bill (the Bill). The letter notes that whilst the Bill suggests that existing EU regulations will be incorporated into English
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