Brexit round-up – 30/10/20

Financial Services Bill 2019-21 published and introduced to Parliament

The Financial Services Bill 2019-21 (Bill) has been introduced to Parliament. The text of the Bill has been published, together with explanatory notes, and the Bill has had its first reading in the House of Commons. The Government intends to use the Bill to make extensive amendments to the legislative and regulatory framework for financial services following the UK’s departure from the EU. The Bill sets out reforms relating to prudential regulation of credit institutions and investment firms and access to financial services markets by establishing the legislative framework for the Overseas Funds Regime and the Gibraltar Authorisation Regime and make amendments to the UK Markets in Financial Instruments Regulation relating to the equivalence regime for third country investment firms. It also amends the UK Benchmarks Regulation to provide the Financial Conduct Authority with additional powers to manage an orderly wind-down of a critical benchmark and extend the transitional period for third country benchmarks.  It also deals with insider dealing and money laundering by amending the UK Market Abuse Regulation to increase the maximum sentence for criminal market abuse and amends the Sanctions and Anti-Money Laundering Act 2018. The Bill will have its second reading in the House of Commons on 9 November 2020. John Glen, Economic Secretary to the Treasury, said “this Bill is the next step in delivering a regulatory framework that boosts the competitiveness of our world-leading financial services sector and ensures that UK consumers are properly protected. It’s part of an ambitious programme to enhance the UK’s first-class standards and our attractiveness as a location for business, both of which will be crucial to help our economy bounce back.”

For more information please click here.

Frost heads to Brussels for urgent talks

The UK’S chief negotiator David Frost has gone to Brussel in order to resume talks with Michael Barnier. Talks had continued in London this week with negotiators confirming that progress had been made. Both sides have also now started work on the text of an agreement on the level playing field and are closer to finalising a joint document covering state aid however there are still differences which must remain and the EU maintains that nothing is agreed until everything is agreed. Differences still remain on enforcement of the level playing field and fishing however, they hope to be able to agree final areas in order to reach a deal as soon as possible.

For more information please click here.

Brexit webinar: Trading Agreements and Intellectual Property

On 3rd November 2020 at 12 pm, we will have the second in our series of Brexit webinars. Contract law specialist Steven Roper and IP expert Bill Goodwin will discuss the implications of Brexit for trading agreements and intellectual property. This will cover things such as what changes you should make to your contracts, how to deal with the legal implications of disruption to your supply chain, and enforcement of contracts against EU trading partners after 1 January 2021, as well as the impact and implications of Brexit for Intellectual Property.

Click here to register.

If you have any questions about any of the issues which are raised, or would like to discuss your own organisation’s options during the Brexit process, please do not hesitate to get in touch.