What does IP completion day mean for derivatives lawyers?

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • What does IP completion day mean for derivatives lawyers?

What does IP completion day mean for derivatives lawyers?

During the transition period, the key EU regulations effectively remained in place for derivatives lawyers (see Practice Note: Brexit—impact on finance transactions [Archived]), but as of IP completion day, the picture changes significantly.

This Practice Note provides a high-level summary of the practical impact of IP completion day for derivatives lawyers and links through to more detailed content.

MARKET ACCESS FOR SWAP COUNTERPARTIES
Key EU and UK legislation and Brexit SIsDirective 2014/65/EU (OJ L 173 12.6.2014, p. 349) (EU MiFID II)
Retained Directive 2014/65/EU (UK MiFID II)
Regulation (EU) No 600/2014 (OJ L 173 12.6.2014, p. 84) (EU MiFIR)
Retained Regulation (EU) No 600/2014 (UK MiFIR)
Directive 2013/36/EU (OJ L 176 27.6.2013, p. 338) (EU CRD IV)
Retained Directive 2013/36/EU (UK CRD IV)
The EEA Passport Rights (Amendment, etc., and Transitional Provisions (EU Exit) Regulations 2018,SI 2018/1149
The Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019, SI 2019/405
What are the key changes in practice from IP completion day?
UK banks and investment firmsPassporting
Up to the end of the implementation period, a UK bank or investment firm which had permission to carry out regulated activities in relation to OTC derivatives in the UK could apply to the Prudential Regulation Authority (PRA) or Financial Conduct Authority (FCA) for a passport to provide those services in any EU Member State

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