Brexit and Financial Regulation

Edited by Jonathan Herbst and Simon Lovegrove

Provides clear and practical guidance on the complexities of Bexit relating to financial institutions to enable understanding of the issues and possible outcomes
Contains the tools and methodologies needed to work through difficult aspects for providing client advice
Includes the opinion and analysis of a range of leading City practitioners

Brexit and Financial Regulation

Edited by Jonathan Herbst and Simon Lovegrove

Description

Brexit will have a significant impact on the UK financial services system. At the time of writing this book it is still unclear whether the UK will leave the EU with a deal. Given the uncertainty, this book provides high-level guidance on the complexity of Brexit as it applies to Â financial institutions through the eyes of leading lawyers. It considers from a financial services perspective, the draft withdrawal agreement and political declaration on the future EU / UK relationship that was approved at the negotiators' level on both sides in November 2018 and further amended in October 2019. In a no deal scenario the focus of the book is on the key themes providing readers with a holistic view of the regulatory issues.

In particular, the book addresses communications from the EU institutions on the approach to be taken regarding the authorisation of banks and investment firms in the EU27. Of particular importance is consideration of the opinions issued in 2017 by the European Banking Authority and the European Securities and Markets Authority. The analysis also includes a review of the approach taken by the key EU jurisdictions of Germany, France, the Netherlands and Ireland. Furthermore the book includes coverage of key pieces of EU legislation including the European Markets Infrastructure Regulation, the revised Markets in Financial Instruments Directive, the Capital Requirements Directive IV and the Bank Recovery and Resolution Directive.

The work also provides a useful outline of the UK transitional regime and onshoring of EU legislation in a no deal scenario. The overseas personsâ exclusion contained in the FSMA Regulated Activities Order is also discussed as is the senior managers' regime.

The book also considers the EU equivalence regime, the different pieces of EU legislation that contain equivalence provisions, and the process for determining equivalence. Furthermore, it examines the role of international regulatory bodies and international standards. The development of international regulation and the UKâs influence on it will be important components in the post-Brexit landscape. Breaking Brexit issues into accessible, structured chapters, leading practitioners from across the City of London unpack legal complexities, sharing a wealth of experience

Brexit and Financial Regulation

Edited by Jonathan Herbst and Simon Lovegrove

: Introduction,ÂJonathan Herbst, Simon Lovegrove
2: Withdrawal agreement and political declaration on the future EU / UK relationship, Simon Lovegrove
3: International standards,ÂMichael Raffan
4: EU equivalence regime,ÂArun Srivastava, Nina Moffatt
5: The EU approach to authorisation,ÂDaniel Carall-Green
6: The EU approach to authorisation â Germany, France, the Netherlands, and Ireland,ÂMichael Born, Roberto Cristofolini, Floortje Nagelkerke, Donnacha O'Connor
7: The UK supervisory regime in the post-Brexit environment,ÂMichael Thomas, James Roslington
8: PRA approach to the authorisation of international branches and subsidiaries,ÂClive Cunningham, Katherine Dillon, Alison Matthews
9: The impact of the UK senior managers' regime,ÂCharlotte Henry
10: Markets in Financial Instrument Directive II (MiFID II) / Markets in Financial Instruments Regulation (MiFIR),ÂNico Leslie, Aaron Taylor
11: Credit Requirements Directive (CRD IV) / Capital Requirements Regulation (CRR),ÂStuart Willey
12: Bank Recovery and Resolution Directive (BRRD),ÂJan Putnis, Chris Hurn
13: European Markets Infrastructure Regulation (EMIR) and Euroclearing,ÂIBob Penn
14: Benchmarks Regulation,ÂMichael Thomas, Anahita Patwardhan
15: Alternative Investment Fund Managers Directive (AIFMD),ÂJake Green
16: Solvency II Directive (Solvency II),ÂBob Haken, Isabella Jones

Brexit and Financial Regulation

Edited by Jonathan Herbst and Simon Lovegrove

Author Information

Jonathan Herbst, Global Head of Financial Services, Norton Rose Fulbright LLP, Simon Lovegrove, Global Head of Financial Services Knowledge, Innovation and Products, Norton Rose Fulbright

Jonathan Herbst is a partner and Global Head of Financial Services Law at Norton Rose Fulbright LLP. Before joining Norton Rose Fulbright Jonathan was head of European law at the Financial Services Authority. Jonathan is co-editor of A Practitioner's Guide to MiFID II: The Markets in Financial Instruments Directive 2nd ed (Sweet & Maxwell, 2015) and co-author of the e-commerce volume of the Butterworths Financial Regulation Service. He has written articles on market abuse and other regulatory issues for the Journal of International Financial Markets.

Simon Lovegrove is Global Head of Financial Services Knowledge, Innovation and Products at Norton Rose Fulbright LLP. He is widely published including contributions to Walker, Purves, and Blair Financial Services Law 4e (OUP, 2018), having co-authored the chapters on the UK's anti-money laundering regime and the UK's individual accountability regime. He is also the co-editor of both A Practitioner's Guide to MiFID II: The Markets in Financial Instruments Directive 2nd ed (Sweet & Maxwell, 2015) and A Practitioner's Guide to Individual Conduct and Accountability in Financial Services Firms (Sweet & Maxwell, 2016).

Contributors:

Jonathan Herbst
Simon Lovegrove
Michael Raffan
Arun Srivastava
Daniel Carall-Green
Michael Born
Roberto Cristofolini
Floortje Nagelkerke
Donnacha O'Connor
Michael Thomas
Clive Cunningham
Charlotte Henry
Nico Leslie
Aaron Taylor
Stuart Willey
Jan Putnis
Bob Penn
Michael Thomas
Jake Green
Bob Haken
Isabella Jones

Brexit and Financial Regulation

Edited by Jonathan Herbst and Simon Lovegrove

Reviews and Awards

"It easily navigates the reader through Brexit developments and provides a comprehensive and practical guidance through Brexit's legal playing field ... Altogether, the reader is provided with a thorough and practical overview of the legal Brexit landscape. The book lives up to its intention to break Brexit and financial services into manageable pieces. It is clear that the book has been written by leading lawyers and barristers. The broad range of complex legal matters related to Brexit are dealt with through comprehensive discussion regarding each topic and accompanied by practical examples to illustrate the matter. Despite the legal playing field that is still under development, the book serves as a useful guide for lawyers involved in the financial sector as well as academics interested in gaining a better understanding of the way in which Brexit works in practice." -- Laura Wissink, Maastricht University, EU Law Live