Publications: -
1. HMG: Queen's Speech 2019
Text of the Queen’s Speech delivered on 14 October 2019 has been published, along with background briefing notes. The latter includes bullet-point synopses with regard to all of the bills that have been announced, including the European Union (Withdrawal Agreement) Bill, the Pension Schemes Bill and the Financial Services Bill. The Financial Services Bill is part of the Government’s new agenda, details can be found on page 28 of the briefing notes which states: which states: ‘ The purpose of the Bill is to:
- Ensure that the UK maintains its world-leading regulatory standards and remains open to international markets after we leave the EU. The main benefits of the Bill would be:
- Supporting the UK’s position as an international financial services centre.
- Enhancing the competitiveness of the UK’s financial services sector, while maintaining high standards to protect UK consumers so that they can use financial services’ products with confidence.
- The Government will set out further measures to ensure the UK maintains its world-leading regulatory standards and remains open to international markets after we leave the EU in due course.’
2. EC Withdrawal Agreement
The EC has recommended that the Council endorse the agreement reached at negotiator level on the Withdrawal Agreement, including a revised Protocol on Ireland / Northern Ireland, and approve a revised Political Declaration on the framework of the future EU-UK relationship. The Commission also recommends that the European Parliament give its consent to this agreement. It notes that, apart from the revised Protocol with regard to Ireland, all other elements of the Withdrawal Agreement remain unchanged in substance, as per the agreement reached on 14 November 2018. The first link above contains the revised texts, a letter from Jean-Claude Juncker to Donald Tusk, the recommendation to the EC and a Q&A. The following links set out texts of speeches of 17 October 2019 by Michel Barnier and Jean-Claude Juncker at the joint press conference respectively.
3. HMT/BoE/PRA/FCA: MoU – equivalence and exemptions
This MoU is established in accordance with regulation 6 the Equivalence Regulations and sets out how the parties expect to co-ordinate the discharge of their respective functions in relation to equivalence determinations and exemption determinations and the provision of information or advice under the Equivalence Regulations. It is the Treasury who is responsible for determining equivalence and the Bank of England, PRA and FCA ‘are responsible for providing support to the Treasury.’
4. EC: EMIR Amending Regulation
The Council has adopted a Regulation that amends EMIR with regard to the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs (the text appears in the second link below). It sets out how EU and third country clearing houses should be supervised following Brexit (the press release notes that, following Brexit, the three CCPs based in the UK will de facto become third-country CCPs). The Regulation is scheduled to be published in the Official Journal on 24 October 2019. The full regulation can be accessed here.
Other publications from the RegZone Brexit news feed
EBA: Communication on Brexit
EBA’s communication concerns remaining issues related to the preparation by financial institutions for Brexit and urges firms to continue their progress on contingency planning.
ISDA: No deal Brexit
ISDA has published FAQs.
TSC: BoE financial stability reports
TSC has published the transcript of the hearing held on 15 October 2019 attended by Mark Carney, members of FPC and Sam Woods (PRA). Topics include: the potential effects of Brexit on financial services (such as the deposit guarantee scheme in the event of a no-deal Brexit).
FCA: Board minutes
FCA has now published the minutes of its 24/25 July 2019 meeting. Topics include Brexit, Panel reports, proposed remedies on pension transfer advice and the Annual Enterprise-wide Risk Management Report.
EC: Statement by Michel Barnier
Michel Barnier’s brief statement of 13 October 2019 follows.
Department for Exiting the EU: Joint Ministerial Committee (EU Negotiations) Communiqué
The Communiqué with regard to the meeting that took place on 10 October 2019 has been published.
HMT: Budget
HMT has announced that the intended Budget date will be 6 November 2019.
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