EU Study Financial Services

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Financial Services Guidance

Banking, insurance and other financial services if there’s no Brexit deal: information for financial services institutions Updated 15 February 2019 This information is for financial services institutions. We expect the majority of people will see limited, or no, difference after the UK leaves the European Union (EU), and will be able to use and rely […]

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Financial Services EEA Residents Guidance

Banking, insurance and other financial services if there’s no Brexit deal: information for people living in the EEA Updated 15 February 2019 Contents 1.Regardless of where you live, if you… 2.If you live in the EU, Norway, Liechtenstein or Iceland and you… 3.Financial advice 4.Staying safe from scams This guidance is for people or businesses […]

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Financial Services UK Residents Guidance

Banking, insurance and other financial services if there’s no Brexit deal: information for UK residents and businesses Updated 15 February 2019 Contents 1.Regardless of where you live, if you… 2.If you live in the UK and you… 3.If you are a business in the UK and you… 4.Financial advice 5.Staying safe from scams This guidance […]

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Financial Services Issues

Guidance Information for financial institutions if there’s no Brexit deal Updated 14 August 2019 Contents 1. Context on Brexit for financial services institutions 2. Action taken by the UK 3. Preparing your firm for Brexit 4. Assessing the impact on your firm 5. Continuing to provide services to customers in the EEA 6. Continuing to […]

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Financial Services UK Parliament

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

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EU Withdrawal Note Pensions Schemes

Brussels, 27 April 2018 NOTICE TO STAKEHOLDERS INSTITUTIONS FOR OCCUPATIONAL RETIREMENT PROVISION The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that unless a ratified withdrawal agreement1 establishes another date or the period is […]

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EU Withdrawal Note Insurance

Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS INSURANCE / REINSURANCE The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, all Union primary and secondary law […]

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EU Withdrawal Note Banking Services

Brussels, 8 February 2018 Rev1 NOTICE TO STAKEHOLDERS F BANKING AND PAYMENT SERVICES The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, all Union primary […]

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EU Withdrawal Note Financial Instruments

Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS RULES IN THE FIELD OF MARKETS IN FINANCIAL INSTRUMENTS The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, […]

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EU Withdrawal Note Post Trade Services

Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS RULES IN THE FIELD OF POST-TRADE FINANCIAL SERVICES The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, all […]

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EU Withdrawal Note Asset Managers

Brussels, 8 February 2018 Rev 1 NOTICE TO STAKEHOLDERS RULES IN THE FIELD OF ASSET MANAGEMENT The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, […]

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EU Withdrawal Note Credit Agencies

Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS RULES IN THE FIELD OF CREDIT RATING AGENCIES The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, all […]

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EU Withdrawal Note Statutory Auditor

Brussels, 8 February 2018 NOTICE TO STAKEHOLDERS RULES IN THE FIELD OF STATUTORY AUDIT The United Kingdom submitted on 29 March 2017 the notification of its intention to withdraw from the Union pursuant to Article 50 of the Treaty on European Union. This means that, unless a ratified withdrawal agreement1 establishes another date, all Union […]

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Supervision

Single Supervisory Mechanism Framework regulation Regulation (EU) No 468/2014 — EU mechanism for banking supervision (SSM framework regulation) It sets out the legal framework on the practical arrangements for implementing the Single Supervisory Mechanism* (SSM), in order to support the supervisory responsibilities which are given to the ECB and the national bank supervisors. It governs […]

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Dividend and Remuneration Policy

Bank dividend policy – ECB recommendation Recommendation of the European Central Bank on dividend distribution policies (ECB/2015/49) This is a recommendation from the European Central Bank (ECB) on bank dividend policy. It aims to ensure that banks are able to meet capital requirements after paying out dividends. KEY POINTS Banks should adopt a conservative and […]

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Resolution

Establishing bank resolution funds Communication (COM(2010) 254 final) — Bank Resolution Funds It describes the intentions of the European Commission concerning the establishment of bank resolution funds. KEY POINTS What is the role of bank resolution funds? Resolution funds should contribute to financing the orderly resolution of distressed banks. In order to do this, they […]

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Accounts and Audit

International accounting standards adopted within the European Union Regulation (EC) No 1126/2008 of 3 November 2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 It sets out the international accounting standards (IAS) which the EU has adopted. Under a parallel regulation (Regulation (EC) No 1606/2002 — International accounting standards), all EU […]

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Accountants and Audit

The statutory audit — ensuring accurate company financial statements SUMMARY OF: Directive 2006/43/EC on statutory audits of annual accounts and consolidated accounts WHAT IS THE AIM OF THE DIRECTIVE? It merges two existing pieces of legislation (Directive 78/660/EEC on individual financial statements and Directive 83/349/EEC on consolidated financial statements) so as to improve the reliability […]

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Securities Transaction

Short selling of securities Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps It seeks to regulate certain aspects of short selling* and credit default swaps (CDS)* in the European Union (EU). KEY POINTS In times of financial instability, certain financial transactions such as short selling, ‘naked short selling’* and […]

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Securitisation

Simpler, more transparent and more standardised securitisation Regulation (EU) 2017/2402 — general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation It aims to restart a high quality securitisation* market that will: improve the financing of the EU’s real economy; enhance private risk sharing; and ensure investor protection. It creates […]

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Securities Market Infrastructure

Credit rating agencies Regulation (EC) No 1060/2009 on credit rating agencies It seeks to regulate the activity of credit rating agencies to protect investors and European financial markets against the risk of malpractice. Its aim is to guarantee the independence and integrity of the credit rating process and to improve the quality of the ratings […]

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Insurance Business

Insurance and reinsurance Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) Known as Solvency II, it requires insurance companies to hold enough financial resources. It also sets out management and supervisory rules. The directive covers non-life insurance, life insurance and reinsurance companies. It has applied since 1 […]

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