Financial Services EU UK Agreement

Section 5: Financial services Article SERVIN.5.37 Scope 1. This Section applies to measures of a Party affecting the supply of financial services in addition to Chapters 1, 2, 3 and 4 of this Title, and to Sections 1 and 2 of this Chapter. 2. For the purposes of this Section, the term “activities performed in […]

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Financial Services EU Preparedness

Brexit Preparedness Seminar on Financial Services Council Working Party(Article 50 Format) 15 November 2018 Agenda • 1. Key issues • 2. What has been done • 3. Residual sectoral issues • 4. Additional action and communication • 5. Looking ahead Key issues 1) The loss of the EU passport in Financial services • UK will […]

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Financial Services

Dec 2018 Financial Services The Central Bank has the statutory responsibility for financial stability and has been working with the Department of Finance on Brexit-related issues since before the UK Referendum. The Department of Finance engages onan ongoing basis with the Central Bank and the NTMA on issues relevant to financial stability and financial services. […]

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Financial Equivalence Decisions EU Preparedness

UK CCPs Central clearing increases market transparency, mitigates credit risks and reduces the risks of contagion in the event of the default of one or more participants in a CCP. The provision of such services is therefore critical for ensuring financial stability. A disruption in the provision of clearing services could also affect the implementation […]

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Brexit & Financial Services

EU Financial Services Legislation Most EU legislation on financial services is agreed between the European Parliament and (the member states in) the EU Council. Most decisions are taken by a qualified majority vote. Where fiscal and taxation provisions are involved, the decision must be unanimous. In this context, financial services include banks, insurance companies, investment […]

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Financial Architecture

Supervisory Authorities Three European supervisory authorities (ESAs) were formed as part of the European Union banking reforms following the financial crisis. The ESAs are part of the ESFS (European System of Financial Supervision) together with the national regulators and the ESRB (European Systematic Risk Board). Each is a separate legal entity with significant autonomy. The […]

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Financial Instruments

Financial Collateral A Directive on financial collateral seeks to reduce credit risk in collateral financial transactions between financial institutions.  The purpose is to provide for the rapid and informal enforcement of financial collateral.  States may not make the creation, protection,  enforceability or admissibility of financial collateral arrangement dependent on the performance of any formal act. […]

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Banking

Regulation of Credit Institutions Credit institutions authorised in one EU state may provide services in other EU states. An institution established in one state which wishes to establish a branch in another state must notify the authorities of its home state giving details of the program of operations and detailed plans. The home state must provide […]

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EU UCIT Funds

UCITS UCITS are undertakings for collective investment in transferable securities. UCITS are usually undertakings with the sole object of collective investment in transferable securities or other liquid financial assets, capital raised from the public and which operate on the principle of risk spreading, units of which are repurchased or redeemed out of the undertaker’s assets. They […]

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Insurance

Regulation The European Union has legislated in relation to insurance services.  As part of the freedom of movement of capital and freedom to provide services, there is legislation setting down common principles of insurance regulation. An insurance company established and regulated in the state may provide services across borders or may establish itself in other […]

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Investment Services

Investment Services The granting and the renewal of authorisations for investment firms is undertaken in the home member state.  The competent authority (the central bank) must ensure that the investment firm has sufficient additional resources for its activities that the persons directing it have sufficient integrity professional experience and that the holders of interests in […]

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EU Alternative Funds

AIF Managers Authorisation A 2011 directive regulates managers of alternative investment funds.  The purpose is to ensure an internal market for these managers while putting in place a harmonized regulatory framework. Alternative investment fund managers are entrusted with portfolio management and risk investment of alternative investment funds (AIFs). They may additionally perform the duties of […]

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Securities

Listing of Securities EU directives have laid down common standards for stock exchange listing requirements.  The rules provide for the information that must be published when companies are first admitted to the exchange and their ongoing publication obligations. The documents are provided and published in the country where the issuer of the shares has its […]

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Consumer Credit

Consumer Credit Directive EU states must ensure persons offering credit obtain authorisation. They must be regulated and inspected; Bodies must be established to provide information and advice to consumers in relation to credit agreement and complaints. The EU directive on consumer credit harmonises many of the general conditions and information obligations in the area of […]

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Payments

Payments Market Framework An EU directive aims to establish a framework for the creation of an integrated payments market.  It covers payment service providers established in the EU.  It covers payments in euro and other national currencies of the EU. It does not apply to cash or cheque payments. The directive establishes a number of […]

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GATS & Financial Services

GATS Services Commitments Most WTO Member States submitted Schedules of Commitments in relation to services pursuant to GATS.The schedules are required to be classified in accordance with 12 principal sectors. States are not obliged to make a commitment in respect of each sector. The principal sectors are business services advertising, market research, consulting, computing, communication; […]

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Financial Services UK No Deal Notes

Purpose The purpose of this notice is to provide stakeholders (including personal and business customers of financial services firms and funds, and financial services firms, funds and financial market infrastructure) with information about the impact of the UK leaving the EU without a deal, and the government’s approach to ensuring that we have a functioning […]

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UK Financial Services Proposal [Jul 2018]

Overview: key features of the UK position In our White Paper, we describe these features as ultimately achieving: Principle of autonomy; Each Party to determine its own rulebook and assess whether access to its market is maintained. Expanded scope of activities permitted cross-border • Currently not sufficient for the breadth of interconnectedness between our markets • Prioritising the […]

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Financial Services [Ireland]

Financial Services: Settlement Finality (Third Country Provisions) Department of Finance Euronext Dublin, formally known as Irish Stock Exchange, uses a UK based CSD (CREST) operated by Euroclear UK and Ireland to settle trades in Irish equities and exchange traded funds. In a no-deal Brexit scenario, under the CSD Regulation, Euronext Dublin would not be able to continue […]

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Pensions & Benefits in UK Post-Deal Guidance

Guidance Benefits and pensions for EEA and Swiss citizens in the UK This guidance explains the rights of European Economic Area (EEA) and Swiss citizens to UK benefits and pensions. Published 24 January 2020 Last updated 31 December 2020 — see all updates From: Department for Work and Pensions Contents Irish citizens living in the UK […]

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Financial Services Regs HL Report

Financial services and markets regulations In Focus Published Thursday, 05 November, 2020 In Focus Brexit & the EU Economy Thomas Brown The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. […]

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Travel Insurance UK Post-Deal Guidance

Guidance Foreign travel insurance Wherever you’re travelling, it’s important to take out appropriate travel insurance before you go. Published 22 March 2013 Last updated 29 December 2020 — see all updates From: Foreign, Commonwealth & Development Office Contents COVID-19 travel guidance Travel to the EU Travel to Switzerland, Norway, Iceland and Liechtenstein Overview of travel insurance […]

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Accounting and Audit

Purpose This notice explains the implications for accounting, corporate reporting and audit in the unlikely event that the UK leaves the EU in March 2019 with no agreement in place. For the purpose of this notice, ‘UK company’ means a company incorporated in the UK and includes a subsidiary incorporated in the UK regardless of […]

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Some Financial Services Changes

Banking and Payments There are common EU rules in the area of banking and payment services. The EU directives on access to the activities of credit institutions and investment firms provide for common prudential standards and supervision. After 2020, UK entities providing banking and payments services and e-money issuing may no longer rely on their […]

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EU Study Financial Services

Important Notice- See the Disclaimer Below Brexit Legal, McMahon Legal and Paul McMahon have no liability arising from reliance on anything contained in this article nor on this website Contact McMahon Legal 

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