HM Government
Consultation on UK courts and tribunals’ ability to depart from retained EU case law - published by the MoJ - 2 July 2020
The Ministry of Justice (MoJ) has published a consultation on its proposals to extend the power under section 6 of the European Union (Withdrawal) Act 2018 for courts and tribunals to depart from retained EU case law following the end of the Brexit transition period. This would enable the Government “to balance the need for legal certainty with the need for the law to continue to evolve and reflect changing needs of the UK following our departure from the EU”. Without further legislation, only the UK Supreme Court and the High Court of Justiciary (Scotland) (HCJ) will be able to depart from retained EU case law. The government’s proposals include extending the power to:
- the Court of Appeal of England and Wales and its closest equivalents in Northern Ireland and Scotland (Option 1); or
- in addition to the courts specified above, the High Court in England and Wales and its closest equivalents in Northern Ireland and Scotland (Option 2).
The consultation has been sent to members of the judiciary in the different UK legal systems, the Scottish Government, the Northern Ireland Executive, the Welsh Assembly and representative bodies from the legal sector, businesses, and enforcement agencies.
The consultation period closes on 13 August 2020.
MoJ consultation on extending the power for courts and tribunals to depart from retained EU case law following the end of the Brexit transition period
Webpage
Press release
UK Parliament
Financial services regulatory regime post-Brexit - House of Lords EU Select Committee publishes oral evidence - July 2020
The House of Lords EU Select Committee has published oral evidence, given on 2 July 2020 by John Glen MP (Economic Secretary to the Treasury), in relation to its inquiry on the UK’s financial services regulatory regime after Brexit.
In his evidence, Mr Glen MP comments that:
- HM Treasury intends to publish the Financial Services Bill 2019-20 in autumn 2020;
- there will be a consultation in autumn 2020 on the UK’s future regulatory framework for financial services which will consider, among other things, how policy innovation from HM Treasury and Parliament is scrutinised and how it interacts with regulators’ responsibilities; and
- the UK government has now completed its equivalence assessments and determinations in respect of the EU and will disclose the outcome to the EU as part of its structured dialogue. It will not announce its decision unilaterally if the EU has not completed the process.
Oral evidence of John Glen MP (Economic Secretary to the Treasury) given in relation to the House of Lords EU Select Committee’s inquiry on the UK’s financial services regulatory regime post-Brexit
Financial Conduct Authority
Outsourcing arrangements - FCA updates webpage on considerations for UK firms - 7 July 2020
The FCA has updated its webpage detailing considerations for UK firms on how business operations and consumers may be impacted by the end of the Brexit transition period, including with respect to outsourcing arrangements.
Firms are expected to have a clear understanding of their outsourcing or third-party dependencies in order to assess how the end of the Brexit transition period might affect the provision of outsourced services and the potential harm to consumers resulting from any change or disruption to those services.
FCA webpage on considerations for UK firms in light of the Brexit transition period
Outsourcing arrangements - FCA publishes statement on the application of EIOPA’s Guidelines on outsourcing to cloud service providers post-Brexit - 8 July 2020
The FCA has published a statement on the application of the European Insurance and Occupational Pensions Authority (EIOPA) Guidelines on outsourcing to cloud service providers, published in February 2020. The FCA has notified EIOPA that the Guidelines will not apply to regulated activities in the UK as they enter into force on 1 January 2021, after the end of the Brexit transition period.
The FCA will continue to apply its guidance for firms on outsourcing to cloud service providers and other third-party IT service providers, as set out in Finalised Guidance (FG16/5) ‘Guidance for firms outsourcing to the cloud and other third-party IT services’. The FCA plans to keep that guidance under review and, where appropriate, to update it to ensure it remains consistent with relevant international standards.
FCA statement on the application of EIOPA’s Guidelines on outsourcing to cloud service providers in light of the Brexit transition period
European Commission
Brexit transition period - European Commission publishes updated stakeholder preparedness notices - 8 July 2020
The European Commission has revised its webpage on preparing for the end of the Brexit transition period with updated sector-specific stakeholder preparedness notices, including in the area of financial services. These include:
- Notice to stakeholders: Withdrawal of the UK and EU rules in the field of asset management;
- Notice to stakeholders: Withdrawal of the UK and EU rules in the field of banking and payment services;
- Notice to stakeholders: Withdrawal of the UK and EU rules in the field of consumer protection and passenger rights;
- Notice to stakeholders: Withdrawal of the UK and EU rules in the field of credit rating agencies; and
- Notice to stakeholders: Withdrawal of the UK and EU emissions trading system (ETS).
The updated preparedness notices replace the Commission’s original notices, published in 2018.
European Commission webpage on preparing for the end of the Brexit transition period
Notice to stakeholders: Withdrawal of the UK and EU rules in the field of asset management
Notice to stakeholders: Withdrawal of the UK and EU rules in the field of banking and payment services
Notice to stakeholders: Withdrawal of the UK and EU rules in the field of consumer protection and passenger rights
Notice to stakeholders: Withdrawal of the UK and EU rules in the field of credit rating agencies
Notice to stakeholders: Withdrawal of the UK and EU ETS
