EU Exit: Updated FCA statement on reporting of derivatives under the UK EMIR regime in a no-deal scenario

On 7 November 2019, the FCA updated its statement on the reporting of derivatives under the UK European Market Infrastructure Regulation (EMIR) regime in a no-deal scenario. The FCA states that in the event that the UK withdraws from the EU without an agreed deal on 31 January 2020, UK reporting counterparties and UK trade repositories should use the UK EMIR validation rules when submitting derivative transactions entered into from 11.00pm on 31 January 2020 onwards.

FMLC: Addendum to Brexit analysis on third country regimes in EU legislation

On 6 November 2019, the Financial Markets Law Committee (FMLC) has published an addendum to its report, published in 2017, entitled ‘Issues of Legal Uncertainty Arising in the Context of the Withdrawal of the UK from the EU – the Provision and Application of Third Country Regimes in EU Legislation’. The addendum sets out key updates to the 2017 Report which focused on issues of legal uncertainty specific to the application of EU legislation to UK-based financial services providers in the event that the UK withdraws from the EU without retaining access to the single market under any other legal provision.

CSSF press release: deadline for Brexit notifications extended until 15 January 2020

On 6 November 2019, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) issued a press release confirming that, following the extension of the deadline for the withdrawal of the United Kingdom from the European Union, the Brexit reference date in its previous communications is now to be read as 31 January 2020. As regards previous press releases 19/33 and 19/34, with respect to the mandatory notification for UK firms, undertakings for collective investment and/or their managers wishing to continue to provide services in Luxembourg after a no-deal Brexit, the CSSF encourages UK entities that have not yet done so to apply for the transitional regime at their earliest convenience.

European Commission launches infringement proceedings against the UK following its failure to name a candidate for EU Commissioner

On 14 November 2019, it was announced that the European Commission has sent a letter of formal notice to the United Kingdom for breaching its EU Treaty obligations by not suggesting a candidate for the post of EU Commissioner.