OTC Derivatives Clearing, Brexit, and the CMU

2018 ◽  
Author(s):  
Guido Ferrarini ◽  
Davide Trasciatti
Keyword(s):  
Case Scenario ◽  
Worst Case ◽  
Over The Counter ◽  
Otc Derivatives ◽  
Central Counterparties ◽  
Capital Markets Union ◽  
Article 50 ◽  
The Uk ◽  
Market Infrastructure ◽  
The Eu

This chapter contributes to the debate on the future of European over-the-counter (OTC) clearing and relevant infrastructures in light of the Capital Markets Union and its re-configuration after Brexit. It begins by introducing some basic notions about clearing dynamics. It then analyses the available divorce options between the EU and the UK once Article 50 has been triggered, and their impact on clearing particularly in light of the European Market Infrastructure Regulation's equivalence regime. Next, it examines the worst-case scenario that would materialize if UK central counterparties (CCPs) were excluded from the single market, and considers possible network strategies that CCPs could adopt to remedy the consequences of Brexit.

Efforts to Strengthen the Clearing and Settlement Framework of the Capital Markets Union

2018 ◽  
Author(s):  
Bas Zebregs ◽  
Victor de Serière
Keyword(s):  
Capital Markets ◽  
Risk Averse ◽  
Fully Integrated ◽  
Central Counterparties ◽  
Clearing And Settlement ◽  
Capital Markets Union ◽  
Under Construction ◽  
Proposed Regulation ◽  
Market Infrastructure ◽  
The Eu

This chapter discusses the EU's efforts to strengthen the European clearing and settlement framework for securities and derivatives transactions. That exercise is pa should promote access and therefore competitrt of the EU's plans to establish an integrated European Capital Markets Union. Important steps have already been undertaken, and more legislation is now under construction, designed to lead to a comprehensive robust market infrastructure in the EU. These include the EU Commission's proposals to update the segregation provisions in the European Market Infrastructure Regulation and the proposed regulation dealing with the recovery and resolution of central counterparties. The chapter shows that although the advances made are significant, there is quite a long way to go before a fully integrated and risk-averse environment for clearing and settlement is achieved.

The UK's Withdrawal from the EU

2021 ◽  
Author(s):  
Michael Dougan
Keyword(s):  
European Union ◽  
Northern Ireland ◽  
Critical Analysis ◽  
Legal Perspective ◽  
The Future ◽  
Article 50 ◽  
The Uk ◽  
The Eu

Following a national referendum on 23 June 2016, the UK announced its intention to end its decades-long membership of the EU. That decision initiated a process of complex negotiations, governed by Article 50 of the Treaty on European Union, with a view to making the arrangements required for an ‘orderly Brexit’. This book explores the UK’s departure from the EU from a legal perspective. As well as analysing the various constitutional principles relevant to ‘EU withdrawal law’, and detailing the main issues and problems arising during the Brexit process itself, the book provides a critical analysis of the final EU–UK Withdrawal Agreement—including dedicated chapters on the future protection of citizens’ rights, the border between Ireland and Northern Ireland, and the prospects for future EU–UK relations in fields such as trade and security.

Article 50 TEU: The Quest for an Orderly Withdrawal and the Possibility of Alternative Denouements

2021 ◽  
pp. 21-47
Author(s):  
Michael Dougan
Keyword(s):  
European Union ◽  
Member State ◽  
Eu Law ◽  
Legal Systems ◽  
Article 50 ◽  
The Uk ◽  
The Eu

This chapter sets out the basic constitutional framework, under EU law, governing the withdrawal of a Member State. Article 50 of the Treaty on European Union recognizes the sovereign right of any State to leave the EU and sets out a process for agreeing the terms of an orderly departure. But Brexit also required the EU and the UK to undertake extensive internal preparations, to ensure their own legal systems were ready for the UK’s departure. Moreover, Article 50 itself is drafted in only brief and sketchy terms, leaving many important decisions about Brexit to be worked out in practice. And EU law allows for other final outcomes to the withdrawal process—including a ‘no deal Brexit’; or the UK’s right to ‘revoke and remain’ under the Wightman ruling.

Introduction

2020 ◽  
pp. 1-34
Author(s):  
Federico Fabbrini
Keyword(s):  
European Union ◽  
United Kingdom ◽  
European Parliament ◽  
The European Union ◽  
The United Kingdom ◽  
Uk Government ◽  
Article 50 ◽  
The Uk ◽  
The Eu

This introductory chapter provides an overview of the Withdrawal Agreement of the United Kingdom (UK) from the European Union (EU). The Withdrawal Agreement, adopted on the basis of Article 50 Treaty on European Union (TEU), spells out the terms and conditions of the UK departure from the EU, including ground-breaking solutions to deal with the thorniest issues which emerged in the context of the withdrawal negotiations. Admittedly, the Withdrawal Agreement is only a part of the Brexit deal. The Agreement, in fact, is accompanied by a connected political declaration, which outlines the framework of future EU–UK relations. The chapter then offers a chronological summary of the process that led to the adoption of the Withdrawal Agreement, describing the crucial stages in the Brexit process — from the negotiations to the conclusion of a draft agreement and its rejection, to the extension and the participation of the UK to European Parliament (EP) elections, to the change of UK government and the ensuing constitutional crisis, to the new negotiations with the conclusion of a revised agreement, new extension, and new UK elections eventually leading to the departure of the UK from the EU.

3. The relationship between European Union and United Kingdom competition law

2019 ◽  
pp. 57-75
Author(s):  
Sandra Marco Colino
Keyword(s):  
European Union ◽  
Competition Law ◽  
Eu Law ◽  
The European Union ◽  
National Competition ◽  
Current Interaction ◽  
Article 50 ◽  
The Uk ◽  
The Relationship ◽  
The Eu

This chapter focuses on the current interaction between European Union and UK law. EU law is currently a source of UK law. However, the relationship between the two regimes is expected to change in the future as a consequence of the UK’s decision to withdraw from the EU. The European Union (Withdrawal) Act 2018 stipulates that the European Communities Act 1972 will be ‘repealed on exit day’, which would be 29 March 2019 provided that the two-year period since Article 50 TEU was triggered is not extended. Once the European Communities Act 1972 has been repealed, EU law will cease to be a source of UK law. No major immediate changes to the national competition legislation are to be expected, but future reforms could distance the UK system from the EU rules.

‘The day after’

2017 ◽  
Vol 24 (2) ◽  
pp. 158-174
Author(s):  
Phedon Nicolaides
Keyword(s):  
Member State ◽  
Regulatory System ◽  
Partial Solution ◽  
Double Edge ◽  
Domestic Legislation ◽  
Double Edge Sword ◽  
Copy And Paste ◽  
Article 50 ◽  
The Uk ◽  
The Eu

The purpose of the two-year rule in Article 50 TEU is to prevent the remaining Member States from delaying the exit of the withdrawing Member State through stalling tactics. This article argues that the two-year period is a double-edge sword. It affords very little time to the withdrawing Member State to adjust its domestic legislation, regulatory system and administrative structure to be able to function effectively on the day after exit from the EU. The UK’s Great Repeal Bill proposes a ‘copy and paste’ approach. However, this approach is only a partial solution to the problem of the ‘exit-induced’ legal lacuna. With the use of two case studies, the article demonstrates that the UK will have to establish new regulatory procedures and redefine EU concepts inserted in national law. The UK will ‘regain control’ but will have to follow EU practice. At some point in the future it will also encounter the dilemma of diverging from EU practice and creating two sets of compliance standards for its companies.

On the post-Brexit prospects for social policy in the UK

2017 ◽  
Author(s):  
Robert Pinker
Keyword(s):  
Social Policy ◽  
Intention To Leave ◽  
The European Union ◽  
Care Services ◽  
Health And Social Care ◽  
Legal Challenges ◽  
Keynote Speech ◽  
Article 50 ◽  
The Uk ◽  
The Eu

In this afterthought, Robert Pinker reflects on the prospects for social policy in the UK after Brexit. On 23 June 2016. the UK electorate voted to leave the European Union. The process of exiting the EU would commence right after the UK Government declared its intention to leave by triggering Article 50 of the Lisbon Treaty. Pinker discusses the debate in the UK regarding the kind of Brexit favoured by those who wanted to leave the EU — a ‘hard’ or a ‘soft’ one. He also considers the legal challenges to a fast-track Brexit, along with the Prime Minister's Lord Mayor's keynote speech promising to adopt a new approach to managing the forces of globalisation and the Chancellor's Autumn Statement on 23 November 2017. Finally, he looks at the funding crisis in UK health and social care services, the government's 12-point Brexit Plan, and the Supreme Court's rulings on Article 50.

scholarly journals A place in the sun? Healthcare rights of retired UK citizens in Spain post-Brexit

2017 ◽  
Vol 12 (3) ◽  
pp. 297-307 ◽  
Author(s):  
Joaquin Cayon-De Las Cuevas ◽  
Tamara Hervey
Keyword(s):  
Capacity Planning ◽  
European Economic Area ◽  
Gear Up ◽  
Case Scenario ◽  
Worst Case ◽  
Spanish Law ◽  
Legal Position ◽  
The Uk ◽  
Care Costs ◽  
Spanish Legislation

AbstractAt least 100,000 retired UK citizens currently live in Spain. Under EU law, they are entitled to access the Spanish National Health Service (NHS) with minimum administrative difficulty. What will their legal position be under a ‘no-deal Brexit’? This is a question of Spanish law. The worst case scenario is that they will have to reapply for their residence permits under the Spanish legislation applicable to non-EU/European Economic Area citizens, with all the administrative inconvenience and cost entailed. If they successfully reapply, their personal health care costs will be considerably higher than at present, should they choose to remain in Spain. Very obvious questions of capacity planning arise. The Spanish system will potentially need to gear up for a significant administrative effort. Given the distinct possibility of a ‘no-deal Brexit’, the UK NHS should prepare to welcome significant numbers of pensioners home.

Prospectus Regulation and Prospectus Liability

2020 ◽  
Keyword(s):  
Capital Markets ◽  
Integrated Analysis ◽  
Securities Litigation ◽  
Depth Analysis ◽  
Prospectus Liability ◽  
Capital Markets Union ◽  
The Uk ◽  
Rome I ◽  
The Impact ◽  
The Eu

This book provides integrated analysis of and guidance on the Prospectus Regulation 2017, civil liability for a misleading prospectus, and securities litigation in a European context. The prospectus rules are one of the cornerstones of the EU Capital Markets Union and analysis of this aspect of harmonisation, the areas not covered by the rules, and the impact of Brexit, provides valuable reference for all advising and researching this field. The book discusses the subjects of Prospectus Regulation from both a legal and economic perspective. It focuses on key subjects of the new Prospectus Regulation, providing an in-depth analysis of each issue. The book then moves on to explain the domestic law on liability for a misleading prospectus, this issue being omitted from the Regulation. The law and practice in each of the key capital markets centres in Europe is analysed and compared, with the UK chapter covering the issues and possible solutions under Brexit. A chapter on securities litigation gives full consideration of conflicts of laws issues with reference to the Brussels I regulation, and the Rome I and II Regulations. The book concludes by looking to the future of disclosure practices in connection with securities offerings in the EU.

Lithological controls on soil formation rates and the implications for soil sustainability

2020 ◽  
Author(s):  
Daniel Evans ◽  
John Quinton ◽  
Andrew Tye ◽  
Angel Rodes ◽  
Jessica Davies ◽  
...  
Keyword(s):  
Soil Erosion ◽  
Soil Formation ◽  
Case Scenario ◽  
Worst Case ◽  
Radionuclide Analysis ◽  
Rock Types ◽  
Soil Sustainability ◽  
The Uk ◽  
The Impact ◽  
Cosmogenic Radionuclide

<p>Soils deliver multiple ecosystem services and their long-term sustainability is fundamentally determined by the rates at which they form and erode. Our knowledge and understanding of soil formation is not commensurate with that of soil erosion, but developments in cosmogenic radionuclide analysis have enabled soil scientists to more accurately constrain the rates at which soils form from bedrock. To date, all three major rock types – igneous, sedimentary and metamorphic lithologies – have been examined in such work. Soil formation rates have been measured and compared between these rock types but the impact of rock characteristics such as mineralogy or porosity on soil formation rates has seldom been explored. In this UK-based study, we addressed this knowledge gap by using cosmogenic radionuclide analysis to investigate whether the lithological variability of sandstone governs pedogenesis. Soil formation rates from two arable hillslopes underlain by different types of arenite sandstone were calculated. Rates ranged from 0.090 to 0.193 mm yr<sup>-1</sup> and although the sandstones differed in porosity, no significant differences in soil formation rates were found between them. On the contrary, these rates significantly differed from those measured at two other sandstone-based sites in the UK, and with the rates compiled in global inventory of cosmogenic studies on sandstone-based soils. We suggest that this is due to the absence of matrix and the greater porosities exhibited at our UK sites in comparison to the matrix-abundant, less porous wackes that have been studied previously. We then used soil formation rates to calculate first-order soil lifespans for both of our hillslopes. In a worst case scenario, the lifespan of the A horizon at one of our sites could be eroded in less than 40 years, with bedrock exposure occurring in less than 190 years.  This underlines the urgency required in ameliorating rates of soil erosion. However, we also demonstrate the importance of measuring soil erosion and formation in parallel, at the site of interest, rather than calculating a mean rate from the literature, as we demonstrate soil formation rates can vary significantly among variants of the same rock type.</p><p> </p>

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