FS Eurozone and Single Market

Recent Articles

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  13.11.2019

  Up­date to CMS Pass­port­ing Guides

  CMS Guide to Passporting: Rules on Marketing Alternative Investment Funds in Europe The EU Commission promoted passporting rights as one of the key benefits for hedge, private equity, real estate and other alternative investment fund managers authorised under the Alternative Investment Fund Managers Directive (“AIFMD”). However, we are now experiencing impediments to the passporting rights as certain domestic regulators are imposing ‘border controls’, and fund managers need to pay fees and comply with various other requirements in order to market their funds cross-border....

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  24.10.2019

  Brexit news for fin­an­cial ser­vices firms- - from 12 Oc­to­ber 2019 to 18 Oc­to­ber 2019

  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...

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  01.10.2019

  Brexit news for fin­an­cial ser­vices firms - from 14 Septem­ber 2019 to 27 Septem­ber 2019

  2. ESMA: RTS 2 review ESMA has published its response to the EC with regard to its annual review of RTS 2, which requires ESMA to assess the operation of some transparency thresholds for bonds and derivatives. It has been agreed that the review will not take place in 2019 due to “remaining uncertainties around a potential no-deal Brexit”. ESMA intends to perform the annual review of RTS 2 by 30 July 2020. 3. Supreme Court rule prorogation of parliament was unlawful The Supreme Court ruled that the prorogation was unlawful. The full judgement is available here....

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  29.05.2019

  Brexit news for fin­an­cial ser­vices firms – from 10 May 2019 to 24 May 2019

  2. HoL EU Committee: Scrutiny of international agreements treaties considered on 14 May 2019 The Committee's report considers the agreement between the UK, Iceland and Norway on trade in goods. The agreement is only applicable in the event of a no-deal Brexit. The Committee notes that if the agreement came into effect it would significantly change the terms of UK trade with Norway and Iceland. The full report can be accessed here. “While preserving tariff preferences, the Trade Agreement will significantly change the nature of the UK’s trade relationship with Iceland and Norway. It...

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  19.07.2018

  Brexit up­date for fin­an­cial ser­vices firms - week end­ing 13 Ju­ly 2018

  HM Government: The Future Relationship between the United Kingdom and the European Union HMG's White Paper has been published. Section 1.3.4 sets out the proposals with regard to the financial services sector. It is proposed that there should be reciprocal recognition of equivalence under all existing third country regimes to take effect at the end of the implementation period. It is proposed that the new arrangement should include provisions through the bilateral arrangement for common principles for the governance of the relationship; extensive supervisory cooperation and regulatory dialogue;...

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  11.07.2018

  Brexit up­date for fin­an­cial ser­vices firms - week end­ing 6 Ju­ly 2018

  HM Government Chequers Statement It sets out the Government's position on the future relationship with the EU. It is noted that preparations would be stepped up to address potential outcomes, including the possibility of "no deal". The full statement can be accessed here. BoE: recording of fpc meeting BoE has now published the record of the FPC’s 19 June 2018 meeting. The full record can be accessed here. Ensure a UK legal and regulatory framework is in place “Much of the UK’s legal and regulatory framework for financial services is derived from EU law. Directly applicable EU...

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