Brexit news for financial services firms from 13 April 2019 to 25 April 2019


Other publications from the RegZone Brexit news feed

Parliamentary Reports: Brexit timeline: events leading to the UK’s exit from the European Union

House of Commons Library has published a paper which provides a timeline of the major events leading up to the EU referendum and subsequent dates of note, looking ahead to expected events as the UK and EU negotiate the UK’s exit. The paper can be accessed here.

Parliamentary Reports: Brexit: a reading list of post-EU Referendum publications by Parliament and the Devolved Assemblies

House of Commons Library has published a reading list of briefings on Brexit by the Parliamentary library and the Devolved Assembly research services. The reading list can be accessed here.

BoE: Minutes of the Meeting of the Court of Directors held on 12 February 2019

BoE has published the minutes of this meeting, which included an update on Brexit Contingency Planning. The minutes can be accessed here.

BaFiN: New agreement for supervisory cooperation after Brexit

The German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”) has concluded an agreement with the UK PRA for supervisory cooperation after Brexit on 15 April 2019 and has published today the following statement on its website. The press release can be accessed here.

FCA: "Dear CEO" letter – Wholesale broking firms

FCA's letter sets out its view of the key harms that brokerage firms operating in wholesale financial markets pose to their clients and markets and FCA's planned supervisory work in specific areas for wholesale broking firms. These include compensation and incentives; governance and culture; capacity and conflicts of interest; market abuse and financial crime controls; cybercrime and Brexit. The letter also criticises brokers for failing to keep pace with, and underestimating the requirements of legislation such as MiFID 2 and MAR. The full letter can be accessed here.

FCA: Business Plan 2019/20

FCA's Business Plan sets out its priorities for the period, emphasising that "the immediate priority will remain supporting an orderly transition post-exit". Other priorities include: work on firms’ culture and governance; the fair treatment of existing customers; operational resilience; financial crime/AML. FCA also has longer term plans with regard to the future of regulation; innovation and the use of data and the "intergenerational challenge" in financial services. The plan can be accessed here and the press release here.

HoC: Brexit delayed again: until 31 October 2019?

This HoC Library briefing analyses the implications of the Brexit extension. It can be accessed here.

BoE: Fees regime for the recognition of non-UK central counterparties

Further to its October 2018 consultation, BoE has published feedback and a statement of policy in relation to the final fees regime for non-UK CCP recognition. The feedback can be accessed here.

EC: Statement by Donald Tusk

Text of Donald Tusk's speech to the European Parliament on 16 April 2019 can be accessed here.

PRA: Business Plan 2019/20

PRA has published its Business Plan for the forthcoming year, which sets out its strategic goals for the period. Areas of interest include robust prudential standards and supervision; financial and operational resilience; competition and Brexit. The publication can be accessed here.

The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2019/843

This SI has been made and can be accessed here.

CMS RegZone publishes weekly updates (available via email, on-line and via Twitter) on Brexit developments for financial services firms. These provide analysis and commentary on significant developments during the week in question. A daily digest of Brexit news (without analysis or commentary) is also available by email here and online via the RZ news wizard here (both of these can be filtered using the Brexit topic). Links to publications are contained in each update; publications released before the updates commenced in April 2018 can be found in a bibliography here. CMS RegZone publication ‘Where we stand’ provides an overview of the current position in a single report; this is updated regularly to take account of the key developments from the weekly updates.