SPE14120 - Specific rules and processes relating to Outward Processing: legal basis for transition from paper INF to electronic INF data elements (NI ONLY)
You should check the other guidance available on GOV.UK from HMRC as Brexit updates to those pages are being prioritised before manuals.
Notes: From 01st June 2020 UK trader must use the EU Customs Trader Portal to submit INFs for customs special procedures https://www.gov.uk/guidance/using-customs-special-procedures
Article 23 (4) of the TDA (Transition document for UCC) allows for OP EX/IM (as defined in
DA Article 1(28)) to use ‘…any method of the standardised exchange of information…’ for an interim period. This allows the use of the INF 2 paper forms to continue until the electronic system is in place.
On 27 January 2021, the European Commission adopted an equivalence decision
1 determining that the legal and supervisory arrangements applicable to US central counterparties (CCPs) registered with the Securities and Exchange Commission (SEC) as “covered clearing agencies” (CCAs), are equivalent to the requirements in Title IV of the European Market Infrastructure Regulation (EMIR).
2 The equivalence decision applies in relation to transactions in securities and derivative contracts that are based on a single security, loan or a narrow-based group or index of securities (“security-based derivatives” or “security-based swaps”) falling under the competence of the SEC.
Under Article 25(1) of EMIR, a CCP established in a third country may only provide clearing services to clearing members or trading venues established in the EU where that CCP has been recognised by the European Securities and Markets Authority (ESMA). Following the equivalence decision, SEC-registered CCPs
CCP Recovery and Resolution Regulation
BMR: Council of EU text of proposed amending Regulation to address benchmark cessation risks and exempt certain third-country FX benchmarks
CSDR: Delegated Regulation on RTS on settlement discipline postponed
EMIR: European Commission adopts Delegated Regulation on rules of procedure for penalties imposed on third-country CCPs
EMIR: Implementing Decision on equivalence of US SEC regime
EMIR: European Commission adopts Delegated Regulation on procedure for penalties imposed on trade repositories
EMIR: ESMA updates Q&As
SFTR: ESMA updates Q&As on data reporting
LIBOR cessation: FCA speech
The FCA has published a speech given by Edwin Schooling Latter, FCA Director of Markets and Wholesale Policy, on being ready for life without LIBOR from the end of 2021. Highlights from the speech include:
Thursday, January 7, 2021
31 December
The Brexit Transitional Period (pursuant to which the UK stayed in the Single Market and European Customs Union came to an end. The FCA updated its Brexit webpages to remind firms of the potential impact this will have.
30 December
In relation to Brexit, the UK-EU Trade and Cooperation Agreement was signed, which would apply from 1 January 2021.
28 December
The Prudential Regulation Authority ( PRA ) published a policy statement (PS29/20) on the implementation of the CRD V Directive (EU/2019/878) (
CRD V ).
24 December
In relation to Brexit, the United Kingdom and European Union agreed in principle a Trade and Cooperation Agreement, an Agreement on Nuclear Cooperation and an Agreement on Security Procedures for Exchanging and Protecting Classified Information.
With the UK and EU having announced the breakthrough on its Trade and Cooperation Agreement (
TCA) the next steps for financial services firms will be if policymakers will turn to granting a decision on equivalence for a “third country”. From January 1, 2021, the UK will, following the end of the Brexit-transition period and the TCA, be treated by the EU as a “third country”. The EU has been reluctant to indicate whether it would grant an equivalence decision irrespective of the UK having implemented EU financial services legislation but having stated it would diverge in defined areas going forward.
EU legislation refers to those jurisdictions that are not part of the European Economic Area (