Brexit update for financial services firms- from 30 November 2019 to 13 December 2019



1. EC: Regulation in relation to EMIR

Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019 amending EMIR as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs has been published in the Official Journal.

2. ESMA: Amendment to Commission Implementing Regulation (EU) 2016/1646

ESMA’s final report on the Implementing Regulation (which specifies the main indices and recognised exchanges under CRR relevant to credit institutions and investment firms subject to prudential requirements and trading venues) proposes amendment to the technical standards. The report includes annexes providing draft versions of the text to reflect both a Brexit deal scenario and a no-deal Brexit scenario.

3. FCA: CP19/33: Quarterly Consultation 26

This edition of FCA’s QCP includes proposals with regard to: claims against appointed representatives and principals; LR references to the Prospectus Regulation; amendments to LR to include a requirement mandating the disclosure of rights attached to the securities; changes to PERG 15.3 (payment services); changes to SUP (reporting requirements); amendments to reflect changes made by Financial Guidance and Claims Act and further Brexit-related changes following the extension of Article 50. Responses are required by 6 January 2020 or 6 February 2020 (see CP for further details).

Other publications from the RegZone Brexit news feed

ECB: Statement by Andrea Enria

Andrea Enria’s introductory statement at the second ordinary hearing in 2019 at the European Parliament’s Economic and Monetary Affairs Committee on 12 December 2019 follows. Topics include: recent supervisory activities, Basel III, completing the Banking Union and Brexit.

EC: European Council meeting

Text of Charles Michel’s invitation letter ahead of the Council meeting on 12-13 December 2019 follows. He notes that the Council is to adopt “short conclusions” on Brexit and states that “we are ready for the next steps and reaffirm our desire for as close a relationship as possible with the United Kingdom”.

ESRB: Recommendation of 26 September 2019 on exchange and collection of information for macroprudential purposes on branches of credit institutions having their head office in another Member State or in a third country

This has now been published in the Official Journal.

FCA: Board minutes

FCA has published the minutes of the meeting held on 23/24 October 2019. Topics include: Brexit; changes to mortgage responsible lending rules; the payments portfolio strategy; the proposed regulatory response to an economic downturn and complaints handling.