The post below summarises the latest Brexit developments related to asset management.
Statutory Instrument on cross-border distribution
The Cross-Border Distribution of Funds, Proxy Advisors, Prospectus and Gibraltar (Amendment) (EU Exit) Regulations 2019 (with explanatory memorandum) which remedies certain deficiencies in retained EU law and UK domestic legislation arising as a result of the UK’s withdrawal from the EU, has been made.
European Scrutiny Committee First Report of Session 2019-20
The House of Commons European Scrutiny Committee has published its First Report of Session 2019-20 considering, among other matters, UK access to the EU markets in financial services after Brexit. In its report, the Committee expresses concern about the trade-offs inherent in relying on equivalence as the basis for the UK’s access to EU markets in financial services. The Committee has asked HM Treasury (HMT) to confirm whether the Government still intends to seek equivalence after Brexit, and if so in which areas; in anticipation of the response, the Committee has cleared the European Commission review of equivalence.
Publication of SIs
The following statutory instruments (SIs), which remedy certain deficiencies in retained EU law and/or UK domestic law arising as a result of the UK’s withdrawal from the EU, have been published:
- the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 (SI 2019/1390) with explanatory memorandum; and
- the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (SI 2019/1361) with explanatory memorandum.
HMT speech on post-Brexit financial services sector
HM Treasury (HMT) has published a speech by Economic Secretary and City Minister, John Glen, on the condition of the UK’s financial services sector beyond Brexit. The speech touched on topics including the future UK-EU relationship, the Global Financial Partnerships Strategy, regulatory reform and the Financial Services Bill, the ongoing protection of consumers, and the work of the Financial Skills Task Force.