News story: Secretary of State David Davis’ statement following the opening of EU exit negotiations

image_pdfimage_print

Firstly, I think we should start by recognising the very productive discussions that we’ve had today.

I’ve been encouraged by the constructive approach that both sides have taken.

We have laid a solid foundation for future discussions, with an ambitious but eminently achievable timetable.

It was clear from the opening that both of us want to achieve the best possible outcome and the strongest possible partnership.

One that works for the UK and for the EU.

And we agreed that we stand a much greater chance of success if our teams work together as that’s been demonstrated today.

Nowhere is this more true than on the important issues around the rights of our citizens — where I am happy to report there is much common ground.

Ever since the referendum, I have been clear that my first priority is to provide certainty to European Union citizens living in the United Kingdom, and to UK citizens resident in the European Union — and I know Michel shares that aspiration too.

So now that the negotiations have started, we are determined to get on with the job and deliver that certainty as soon as possible.

The Prime Minister will later this week update European leaders on the UK’s approach to this issue at the European Council.

We will then publish a detailed paper, outlining our offer on Monday, which I believe will form the right basis on which to reach agreement.

I will also be briefing members of other parties on privy council terms, as well as briefing Parliament more generally.

In addition to our discussion on citizens’ rights, we have reached agreement on how we will structure the talks over the coming months.

Michel and I will meet every four weeks, bringing our teams together for a number of days at a time.

We hope this regular rhythm will help us to progress our discussions across the full range of issues very quickly.

We have also established a number of technical working groups, tasked with driving progress on the all-important detail.

These groups of senior experts from both the UK and the EU met for the first time today.

They will support Michel and me by developing creative solutions to challenges we have identified, testing options under consideration, and building out the underpinning detail.

Today marks the start of a journey, for the United Kingdom and for the European Union.

There is a long way to go, but we are off to a promising start. We have taken the first, critical steps together.

Now, we have a shared responsibility to deliver quick and substantive progress.

As you heard Michel said, we had a brief exchange earlier about the distinction between being optimistic and being determined. And he gave you Monet’s answer to that.

There is no doubt that the road ahead will at times be challenging, but as Winston Churchill once said:

“The pessimist sees difficulty in every opportunity.

“The optimist sees the opportunity in every difficulty.”

And so bridging between Churchill and Monet, I am certainly a determined optimist.

Speech: Lord Chancellor swearing-in speech: David Lidington

image_pdfimage_print

Mr Attorney, I’d like to thank the Lord Chief Justice for his kind words and warm welcome. I too look forward to working with the Lord Chief Justice and the other eminent members of the bench.

It’s an enormous privilege and a great honour to have been sworn in as Lord Chancellor and to have received the Great Seal of the Realm, an ancient symbol of this office that has 900 years of history behind it.

The freedoms and protections that we all enjoy are of course built on a principle that is much more important than the seals and the symbols of office – the rule of law itself.

That principle, together with the independence of the judiciary, form the very bedrock of a free and democratic society.

They safeguard us against tyranny and dictatorship.

They allow us to live in a society where no individual and no government is above the law, a society where everyone can expect equality before the law and the right to a fair trial, a society where executive power is balanced by both a strong judiciary that acts without fear or favour and a scrutinising legislature – something that I have seen in action over 25 years as a member of Parliament and in the last 12 months as Leader of the House of Commons.

Three branches of the state, each separate, but each having a mutual respect for the others.

I know from my previous ministerial experience how important the strength of those structures and the rule of law are.

As Europe Minister, one of my key priorities was to promote the protection of human rights and help uphold the rule of law in countries across Europe, especially perhaps in those European nations that had seen those traditions crushed.

I’ve seen the impact on people’s lives when they falter.

And I’m proud of our work to support countries all over the world, for example in Eastern Europe, nations like Albania and Bulgaria, where the United Kingdom is helping them build the strong justice and legal systems they need for their democracies to deepen and flourish.

And I have seen that you, as senior judges, have played – and continue to play – a vital role in that noble work, extending your expertise, through the Judicial College and other organisations like the Slynn Foundation, to assist countries with judicial training and court reform.

And for that, thank you.

For me, this overseas perspective serves as a sharp reminder of just how precious those principles are here at home – for protecting our freedoms, our democracy, and our way of life – a way of life, which we have seen in the dreadful news from north London today, remains under threat.

So I am determined I will be resolute and unflinching as Lord Chancellor in upholding the rule of law and defending the independence of the judiciary.

The very reason countries look to us for support is because the UK is seen as the home of high quality justice and legal services.

People come here from around the world to have their legal disputes resolved because they know that they will get a fair and independent hearing.

And for this, we have much to thank the exceptional men and women that make up our judiciary.

Your intellect, your sharp legal minds, your wealth of knowledge, together with your dedication, personal integrity and commitment ensure we have a judiciary that is fair, free from improper influence, and truly independent.

Now, wearing these robes today for the first time, it is impossible not to feel the history.

But I see, too, how important it is to look beyond the pageantry to how, robed or not, bewigged or bare-headed, judges embody the rule of law.

You all carry the weight – often the lonely weight – of this most vital duty, both in the judgments you make in individual cases, and in the development of the common law itself – a jurisprudence that is world-renowned.

For that – and for the strength and health which this has brought to our country and our society – I want to thank you all sincerely.

But we should never be complacent about the need to build on and protect our successes, nor be too shy to embrace reform where that is needed.

And looking ahead as we leave the European Union, it will be a priority for me to promote our excellent legal services both at home and as a major UK export, to maintain London as a competitive hub and ensure people continue to see English law as the law of choice.

I also want to work together to make sure the administration of justice is swifter and puts the citizen at the centre of what we do by harnessing all the new opportunities which the technologies of our digital age have to offer.

And I know much hard work has already been done to modernise the courts and tribunals system for the 21st century, and how the judiciary has led that endeavour, and I look forward to continuing that important work with you.

The principles of justice that I swear to protect and promote in my Oath as Lord Chancellor are timeless.

Our approach to the way we protect and administer those principles of justice is in many cases modern.

And together, we can not only celebrate and preserve our proud history, but work to ensure that justice continues to be fairly administered and robustly defended for the next 900 years.

ESMA consults on draft standards for trading obligation for derivatives under MiFIR

image_pdfimage_print

MiFIR’s trading obligation will move over-the-counter (OTC) trading in liquid derivatives onto organised venues thus increasing market transparency and integrity alike. MiFIR, which implements parts of the MiFID II framework, outlines the process for determining which derivatives should be traded on-venue.

ESMA invites stakeholders to provide feedback on ESMA’s approach, which was revised following an earlier consultation in 2016. Key elements of today’s published consultation include:

  • liquidity analysis for interest rate derivatives and Index CDS based on a dataset covering the second half of 2016, incl. the proposal on which derivatives should be made subject to the trading obligation;
  • the proposal on how to phase-in the trading obligation for derivatives
  • ESMA’s approach concerning the instrument register to be maintained by ESMA for the trading obligation; and
  • a high-level cost-benefit-analysis.

The consultation is open for comments until 31 July 2017. ESMA will use the feedback received to finalise its draft RTS on the trading obligation. The submission of supportive data would be particularly appreciated. ESMA will send the final draft standards to the European Commission for endorsement.

Background

The trading obligation for derivatives under MiFIR is closely linked to the clearing obligation under the European Market Infrastructure Regulation (EMIR). Once a class of derivatives needs to be centrally cleared under EMIR, ESMA must determine whether these derivatives (or a subset of them) should be traded on-venue, meaning on a regulated market (RM), multilateral trading facility (MTF), organised trading facility (OTF) or an equivalent third-country trading venue.

MiFIR foresees two tests to determine the trading obligation: The venue test (a class of derivatives must be admitted to trading or traded on at least one admissible trading venue) and the liquidity test (whether a derivative is ‘sufficiently liquid’ and there is sufficient third-party buying and selling interest).

ESMA consults on draft standards for trading obligation for derivatives under MiFIR

image_pdfimage_print

MiFIR’s trading obligation will move over-the-counter (OTC) trading in liquid derivatives onto organised venues thus increasing market transparency and integrity alike. MiFIR, which implements parts of the MiFID II framework, outlines the process for determining which derivatives should be traded on-venue.

ESMA invites stakeholders to provide feedback on ESMA’s approach, which was revised following an earlier consultation in 2016. Key elements of today’s published consultation include:

  • liquidity analysis for interest rate derivatives and Index CDS based on a dataset covering the second half of 2016, incl. the proposal on which derivatives should be made subject to the trading obligation;
  • the proposal on how to phase-in the trading obligation for derivatives
  • ESMA’s approach concerning the instrument register to be maintained by ESMA for the trading obligation; and
  • a high-level cost-benefit-analysis.

The consultation is open for comments until 31 July 2017. ESMA will use the feedback received to finalise its draft RTS on the trading obligation. The submission of supportive data would be particularly appreciated. ESMA will send the final draft standards to the European Commission for endorsement.

Background

The trading obligation for derivatives under MiFIR is closely linked to the clearing obligation under the European Market Infrastructure Regulation (EMIR). Once a class of derivatives needs to be centrally cleared under EMIR, ESMA must determine whether these derivatives (or a subset of them) should be traded on-venue, meaning on a regulated market (RM), multilateral trading facility (MTF), organised trading facility (OTF) or an equivalent third-country trading venue.

MiFIR foresees two tests to determine the trading obligation: The venue test (a class of derivatives must be admitted to trading or traded on at least one admissible trading venue) and the liquidity test (whether a derivative is ‘sufficiently liquid’ and there is sufficient third-party buying and selling interest).