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    Asset Management & Investment Funds: EU & International Developments: March 2019

    ESMA's preparations for a no-deal Brexit, PRIIPs KIDs, Reform of European System of Financial Supervision, SFTR , IOSCO, AML/ CTF/ Corruption

    Asset Management & Investment Funds
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    Asset Management & Investment Funds Q&A: March 2019

    The investment funds industry is busy assessing the business and compliance challenges of the United Kingdom (UK) withdrawing from the EU (Brexit). These issues include concerns around marketing permissions, delegation, portfolio impact, trading and counterparties, investor disclosures, contractual changes and GDPR. There is still no certainty over the timing and consequences of Brexit. There hav

    Asset Management & Investment Funds
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    Brexit: Words Matter

    Lawyers are often criticised for fretting over words. They are also often condemned for using too many words. The current debate in the House of Commons over Brexit clearly demonstrates how words matter and how there can sometimes be a difficulty because too few words are used. The question posed to the electorate in the UK and Gibraltar on 23 June 2016 was a choice between two words: “remain” a

    Brexit
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    Brexit: The European Council Summit casts doubt on when the UK would finally leave the EU

    The date of the UK's departure from the EU is now less clear after this week's European Council meeting which took place on 21 March 2019

    Brexit
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    Brexit: Irish legislation enacted

    President Michael D Higgins had signed the "Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019" into law.

    Brexit
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    Brexit: where are we now? (continued)

    We always said that the Brexit negotiations would go to the wire despite there being a two-year timeline. The Strasbourg meeting on the night of Monday, 11 March, when the UK and the EU tabled various documents may or may not be enough to get the House of Commons to approve the draft Withdrawal Agreement.  The EU documents are available here while the UK ones are available here. There was just...

    Brexit
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    Asset Management & Investment Funds - Brexit update

    The Central Bank of Ireland (Central Bank) issued a Markets Update on Thursday 7 March 2019 which clarified that, in the event of a no-deal Brexit.

    Asset Management & Investment Funds
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    BREXIT: where are we?

    There are now three main avenues: UK leaves on 29 March 2019 without a deal UK asks, and the EU Member States agree unanimously, to extend the Brexit negotiating period beyond 29 March 2019 UK leaves on 29 March 2019 with a deal No Deal Brexit The first – the "crash out" or "no deal Brexit" – is currently a c.10% option.  If this were to happen, it would happen because of a row or an accident...

    Brexit
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    What will happen to I-SEM in a hard Brexit?

    The British and Irish governments have recently published details of their contingency planning for an Integrated Single Electricity Market (I-SEM) in the event of a no-deal Brexit. The overall theme is that both governments are committed to maintaining I-SEM, regardless of whether Brexit is hard or soft.

    Brexit
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    Brexit Immigration update - European Temporary Leave to Remain

    The Government has published updated guidance on arrangements for EEA and Swiss citizens coming to the UK to visit, study, work or join family in the event of a 'no deal' Brexit.

    Brexit
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    Insurance: Irish Government Publishes Brexit Bill

    Part 8 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Bill 2019 relates to insurance.   UK insurers and insurance intermediaries that will still have Irish business (i.e. policyholders) post-29 March 2019 are understandably anxious. "Dear CEO" letters were sent by the Central Bank of Ireland (CBI) in Q4 2018 to all UK insurers and intermediaries passp...

    Brexit
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    BREXIT: The UK to have a “Montreal Moment”?

    They were all set to go.  The world expected them to leave.  They planned to regain independence.  They wanted to make new laws.  There were many who were opposed but it seemed to be the "will of the people".  There were court challenges.  No one was sure how it would all work out.  Supporters of leaving said they would do new deals with various parts of the world.  At first, it all seemed a dr...

    Brexit