All posts by Cooley

#Brexit: Supreme Court decision

As anticipated, the Supreme Court has upheld the High Court’s judgment by ruling (albeit on an 8 to 3 majority) that an Act of Parliament before UK government ministers can lawfully trigger the Article 50 notice procedure for leaving the EU. The majority accepted the respondents’ view that, by virtue […]

Legislating for #Brexit: the EU’s external agreements

The House of Commons Library has published a new report: “Legislating for Brexit: EU external agreements“. The EU has entered into 890 bilateral and 259 multilateral international treaties and agreements. In most cases, the EU entered into these treaties, but the EU’s member states did not. However, there are 230 “mixed-agreements“, that were […]

Illinois asks for feedback on new virtual currency guidance – deadline fast approaching

Illinois’ Department of Financial & Professional Regulation (IDFPR) recently published proposed regulatory guidance on the application of Illinois’ Transmitters of Money Act to decentralized digital currencies. The guidance, which will explain how IDFPR will interpret and enforce the law, rather than being law in and of itself. This will be an […]

#Brexit & Solvency II: Cooley publishes evidence submitted to Treasury Committee’s Solvency II inquiry

The UK’s Treasury Select Committee (TSC) opened a Solvency II Inquiry in September 2016. The Inquiry, which is part of the TSC’s broader work on the UK’s post-#Brexit relationship with the EU, is considering (eg) the merits of: “retaining the effect of Solvency II as at the date of Brexit, but not […]

UK Government & Regulators consult on new ILS regime for the UK

The Chancellor of the Exchequer only mentioned insurance twice, when he delivered his Autumn Statement to Parliament on 23 November 2016: “Insurance premium tax … will rise from 10% … to 12% … next June“; and ” … the government [will] legislate next year to end the compensation culture surrounding whiplash claims – a major area […]

AIFMD: ESMA Updates Q&As

The European Securities & Markets Authority has updated its questions and answers on the application of the Alternative Investment Fund Managers Directive. The latest update includes 4 new questions: