Weekly highlights—8 November 2018

Weekly highlights—8 November 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 8 November 2018.

Brexit

EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018

SI 2018/1149: These Regulations repeal EEA passport rights under Schedule 3 to the Financial Services and Markets Act 2000 (FSMA 2000) and treaty rights under FSMA 2000, Sch 4.

Payment Accounts (Amendment) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) in preparation for Brexit. It proposes to amend UK subordinate legislation and revoke EU legislation in relation to payment accounts regulation arising from the withdrawal of the UK from the EU, ensuring the legislation continues to operate effectively at the point at which the UK leaves the EU.

Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under EU(W)A 2018 in preparation for Brexit. This draft enactment proposes to amend the EU European Markets Infrastructure Regulation on over-the-counter (OTC) derivatives, central counterparties and trade repositories (EMIR) ((EU) 648/2012) in relation to the registration and supervision of trade repositories. Trade repositories are entities which collect and maintain the records of derivatives transactions to enhance the transparency of derivative markets and promote financial stability. Transitional provisions are also laid.

Central Securities Depositories (Amendment) (EU Exit) Regulations 2018

SI 2018/Draft: This draft enactment is laid in exercise of legislative powers under EU(W)A 2018 in preparation for Brexit. This draft enactment proposes to amend and repeal UK legislation and retained EU legislation in relation to central securities

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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.