Brexit news for financial services firms - from 10 June 2019 to 21 June 2019

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1. PRA:PS5/19 The Bank of England's Amendments to Financial Services Legislation under The European Union (Withdrawal) ACT 2018

An updated version of this PS has been published. The updated version can be found here.

2. The EC: BREXIT Preparedness Communication

The EC has published a new communication on the EU's Brexit preparedness and contingency measures, particularly in the light of the Article 50 extension. With regard to financial services, the communication notes "residual issues" and urges insurance firms, payment services providers and other financial service operators which remain unprepared regarding certain aspects of their business (such as contract management and access to infrastructures) to finalise their preparatory measures by 31 October 2019, adding that it is working with EU-level and national supervisors to ensure that firms’ contingency plans are fully implemented, and it expects that UK supervisors will not prevent firms from implementing such plans. A press release of the communication is available here. The complete EC communication can be found here

3. The Financial Services (Miscellaneous) (Amendment) (EU EXIT) (NO. 2) Regulations 2019/1010

This SI has been made. It makes amendments to various financial services EU exit SIs, including the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018.

4. FCA: Speech by Nausicaa Delfas: Regulatory Co-Operation between the UK and US: Now and in the Future

Text of a speech given by Nausicaa Delfas on 11 June 2019, in which she discusses aspects of regulatory cooperation in the light of Brexit.

Other publications from the RegZone Brexit news feed

ESMA Annual Report 2018

ESMA has published its annual report setting out details of work undertaken during the year, including with regard to Brexit and MiFID. A link to the report can be found here.

EIOPA: Annual Report 2018

EIOPA has published its annual report, which sets out details of work undertaken in 2018, including its work on Brexit preparations.

HMT Speech by Philip Hammond

Philip Hammond's Mansion House speech of 20 June 2019 follows. Topics include: Brexit and financial services; fintech and various initiatives, including a new HMT review on payments. Philip Hammond also sets out information on a major, long-term review into the future of the regulatory framework post-Brexit. This will include a summit of regulators to be held with the Chancellor shortly which will lead to a call for evidence from HMT "before the summer”.

EC: Speech by Donald Tusk

The text of Donald Tusk's speech after the 21 June 2019 summit follows. Topics include: Brexit.

HoC: Trade in services and Brexit

This HoC Library briefing paper considers the complexity of international trade in services (including financial services) and discusses what changes could take place under the different future scenarios.

HoC: EU state aid rules and WTO subsidies agreement

This HoC Library briefing explains the rules around state aid and subsidies, their motivations and differences and considers what might change post-Brexit.

EC: Deepening Europe's economic and monetary union

The EC has published a press release, various reports and the text of a speech by Valdis Dombrovskis concerning progress with economic and monetary union, the Banking Union and non-performing loans. The speech also touches on Brexit.

HoC European Scrutiny Committee: 67th Report of Session 2017-19

Section 5 of the report considers the draft EU-UK Withdrawal Agreement, which is still under scrutiny by the Committee. The full report can be found here.

HoL EU Financial Affairs Sub-Committee: UK financial services exports

Here is the transcript of the hearing held on 5 June 2019 attended by Anjalika Bardalai (Chief Economist and Head of Research, TheCityUK).