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On 7 February 2019, the French Ministry of Economy and Finance passed an Ordinance (No. 2019-75) introducing a contingency plan for the financial institutions sector in connection with the withdrawal of the United Kingdom (UK) from the European Union (EU) (the Ordinance)[1]. The Ordinance amends the provisions of the French Insurance Code (FIC) (among others) and will enter into force as from the date of exit of the UK from the EU in…
We are pleased to announce that our Financial Institutions (FI) team will hold a Brexit seminar in February 2019 in Paris. The objective of the seminar is to create awareness of the impact on the European financial institutions industry doing business in the UK after Brexit. Our Paris and London FI experts will give an overview of the recent developments regarding the negotiations on the future EU/UK relationship and what they are seeing in the market…
The French Prudential Control and Resolution Authority (Autorité du Contrôle Prudentiel et de Résolution, or ACPR) and the French Financial Markets Authority (Autorité des Marchés Financiers, or AMF) have announced a joint initiative intended both to reassure certain British institutions (including British subsidiaries of other institutions) as to the possible consequences of a “hard Brexit” and to encourage them to create or continue branches or other forms of permanent presence in France. Currently, insurance companies,…