UK-Swiss transitional migration arrangements for a no deal scenario

On 24 April 2019, the UK and Switzerland reached an agreement on transitional migration arrangements in the event of a no deal Brexit. This agreement will be subject to ratification processes in both states and will be signed and published in due course. The UK and Switzerland will continue to work closely together on implementing the agreement and will discuss the arrangements which will apply from the end of 2020 in due course.

Technical update to the Withdrawal Agreement

On 11 April 2019, the Department for Exiting the European Union published a letter from the Secretary of State for Exiting the European Union in response to the European Commission and an updated copy of the Withdrawal Agreement.

Confirmation of UK Government Agreement to Extend Article 50

On 11 April 2019, the Department for Exiting the European Union published a letter from the UK’s Permanent Representative to the EU to the President of the European Council, confirming the agreement of the Government of the United Kingdom to the decision of the European Council extending the period under Article 50(3) of the Treaty on European Union. A copy of the European Council decision is also available.

EU Exit: UK statutory instruments

An overview of HM Treasury’s list of financial services SIs made under the EU (Withdrawal) Act 2018 can be found here. A list of draft financial services SIs laid before Parliament and subject to the affirmative procedure is also available.

Brexit- FCA guidance

On 18 April 2019, the FCA updated its webpage on guidance that will apply in the event the UK leaves the EU without a deal or an implementation period. The FCA identified three additional areas where it has made amendments to the near-final directions published in February 2019.

The changes relate to:
• UK managers of EEA undertakings for collective investments in transferable securities funds;
• the application of the client assets sourcebook to activities carried on from an EEA branch, and
• the distance marketing provisions.

Copies of the FCA updated webpage; guidance on EU non-legislative materials; non-Handbook guidance; interpretative guide on completing FCA’s forms; the final transitional directions and the final prudential transitional directions; Annex A (application of the standstill direction to amendments made in statutory instruments and exit instruments amending technical standards) and Annex B (application of the standstill direction to amendments made in the FCA Handbook); and the explanatory note are available.