Tag Archives: EU

Chancellor’s repsonse to Treasury Committee’s letter on the effect of Brexit on insurance contracts

The Government has published a response to the Treasury Committee letter on Brexit and insurance contracts. The letter acknowledges the risk that the UK’s withdrawal could create legal uncertainties as to the status of existing cross-border insurance. The Government has been working with the insurance industry and others in the financial services sector to understand […]

EU-US agreement on insurance and reinsurance

The European Commission has published a statement and a factsheet detailing the agreement reached between the EU and the US on prudential insurance and reinsurance measures. The agreement addresses three areas of prudential insurance oversight: reinsurance; group supervision; and the exchange of insurance information between supervisors. US and EU insurers operating in the other’s markets will […]

Treasury Committee letter to Chancellor on effect of Brexit on insurance contracts

The Treasury Committee has published a letter written to the Chancellor of the Exchequer highlighting the problem with insurance contracts sold under passporting arrangements with a duration beyond 29 March 2019. The Chair of the Treasury Committee explains that without further action, insurers will lose the right to service these contracts and there may be insufficient time to […]

Commission consults on post-trade services and the CMU

In 2001, the European Commission identified certain barriers relating to post-trade services, and although major changes have taken place in the capital markets such as  EMIR, CSDR and SFTR), no review had been undertaken. The Commission has now published a consultation paper on post-trade services in the CMU in order to understand stakeholders’ views on […]

House of Lords calls for evidence on financial regulation and supervision following Brexit

The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit. The Committee will examine how financial regulation and supervision will evolve following Brexit in order to ensure financial stability, which could mean maintaining equivalence or some […]

ESMA publishes opinion on asset segregation and depositary delegation

On 20 July ESMA published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs. ESMA believes […]

Brexit: European Union (Withdrawal) Bill presented to Parliament

The Government presented the European Union (Withdrawal) Bill to Parliament on 13 July for its first reading. The Bill seeks to repeal the European Communities Act 1972 on the day when the UK leaves the European Union (EU).  It also includes provisions for: EU legislation to continue to have effect in domestic law, on and after the […]

PRA asks firms to provide Brexit contingency plans

Sam Woods, the PRA’s CEO, has published a letter seeking contingency plans from firms in light of the UK’s impending withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. PRA expects firms to prepare and execute in […]

European Parliament adopts resolution on Brexit negotiations with UK – Financial services aspects

Read the full draft text of the principles and conditions here. An overwhelming majority of the house (516 votes in favour, 133 against, with 50 abstentions) adopted a resolution officially laying down the European Parliament’s key principles and conditions for its approval of the UK’s withdrawal agreement. The Parliament covered the following in relation to financial […]