On March 12 2018, the European Commission published its proposal for the cross-distribution of funds, which in the context of the Capital Markets Union (CMU) aims at reducing regulatory barriers for fund managers seeking to market and offer their funds in several EU Member States.
EU institutions are continuing to negotiate numerous ongoing policy initiatives that directly or indirectly impact fund managers in the new environment of MiFID II which has not resulted in interruptions to ongoing regulatory activity.
On March 8 2018, the European Commission published a FinTech Action Plan (read here), which has been the subject of meticulous preparation for more than a year.
With the traditional ‘mini-budget’ being replaced by a shorter and less significant Spring Statement, the Chancellor of the Exchequer, Philip Hammond MP, today sought to appease those from all sides calling for greater expenditure on public services.
There is a paradox at the heart of the whole question of how Britain’s decision to leave the European Union will affect its financial services industry.
As we approach the two-year anniversary of Ireland’s Fine Gael-Independent Minority Government in May 2018, it’s easy to forget the expectations of many were that this agreement wouldn’t see out the end of 2016, let alone last the full term to 2018.
Phase Two negotiations on a Transition Deal officially kicked off, with the UK’s position remaining as elusive as ever.
EU27 governments currently expect the framework for the future relationship with the UK to be based on a free trade agreement (FTA). This expectation is based on the UK government’s publicly stated red lines, leading to the assumption that any model including closer political cooperation would not be acceptable.
The European Commission is feeling the pressure as negotiations on the so-called satellite and cable directive enter their final phase. It is reported to be angry at the manner in which its plans to create a single digital market have been watered down by the European Parliament and Council.
As the Brexit talks enter a critical phase, we are still no nearer to knowing what the exact future of EU-UK relations will look like.