Monthly Highlights: April 2018

Monthly Highlights: April 2018

Welcome to this month’s highlights from the Lexis®PSL Banking & Finance team which cover the key news updates from April 2018.

Brexit

AFME welcomes Bank of England update on approach to Brexit preparations for banks

The Association for Financial Markets in Europe (AFME) has issued a press release welcoming the Bank of England's update on its approach to Brexit preparations for banks, on which we reported last week.

The chief executive of AFME, Simon Lewis, said: 'We welcome this further guidance from the Bank of England, confirming that member firms can plan on the basis of the transitional period agreed last week. We also welcome the publication of the final policy on the authorisation of branches of international banks, providing further clarity for banks. It will now be important for the UK and EU regulators to put in place co-operation arrangements to support this. While this additional regulatory clarity is very helpful, the approach of the regulators in the EU27 will also be key in achieving the objective of an orderly withdrawal. We hope that over the coming weeks, much-needed further clarity can be provided on issues such as contractual continuity, access to financial markets infrastructure and data flows.'

Project finance

Treasury releases PFI and PF2 data summary for 2017

The government has released the summary data from both the Private Finance Initiative (PFI) and the Private Finance 2 (PF2) projects as at 31 March 2017, which is collected every year. The information is provided by the departments and devolved administrations that procured or sponsored the projects, and is not audited by HM Treasury. The findings show that, as at 31 March 2017, there were 715 current PFI and PF2 projects, with a total capital value of £59.1bn—compared to £59.4bn as at 31 March 2016.

Trade finance

LMA launches a new export credit agency buyer credit facility agreement

The Loan

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About the author:

Neeta has been working as a paralegal in Banking and Insolvency for the past 4 and a half years.

She started her legal career at Allen & Overy in 2008 in the midst of the global financial crisis and the collapse of Lehmans where she gained most of her experience.

Neeta also did a short stint in litigation at the Revenue and Customs Prosecutions Office. Neeta graduated with a 2:1 honours degree from University of London, Queen Mary College and went on to obtain a distinction from the College of Law in the Legal Practice Course. She moved to Lexis®PSL in April 2013.