UK/EU Investment Management Update (May 2020)
Please feel free to contact a member of our UK/EU Financial Services Regulatory Group if you would like to discuss any of the topics discussed in this Update.
On 15 April 2020, the national regulators of Austria, Belgium, France, Greece and Spain announced an extension until 18 May 2020, alongside some minor adjustments to the scope, of their respective bans on short positions in relation to shares traded on their national exchanges (the National Bans).
Equivalence and the possibility of a no-deal Brexit
The Political Declaration accompanying the UK/EU Withdrawal Agreement contemplates that the European Commission will complete its assessment of the UK for “equivalence” purposes under the relevant EU financial services legislation, in particular MiFID, by the end of June 2020. As a reminder, the transitional period for Brexit ends on 31 December 2020.
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