Weekly highlights—1 June 2017

Weekly highlights—1 June 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 1 June 2017.

Brexit

ESMA rules for relocating firms aim to avoid regulatory arbitrage

On 31 May 2017, ESMA published an opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the UK. The opinion is addressed to national competent authorities (NCAs) of the 27 Member States that will remain in the EU (EU27).

Financial Conduct Authority updates

FCA announces latest Handbook changes

On 26 May 2017, the Financial Conduct Authority (FCA) published Handbook Notice No 44, which includes changes to the FCA Handbook made in three instruments adopted by the FCA Board on 25 May 2017. Among other things, the instruments amend the FCA’s rules to require firms to inform consumers how much they could gain from shopping around and switching provider before a potential annuity purchase, and provide a decision-making mechanism for the use of new powers under the Bank Recovery and Resolution Order 2016.

Regulatory architecture

EU Finance newsletter for May 2017 available

On 25 May 2017, the European Commission published the latest issue of its Finance newsletter. The issue contains news, consultation updates, diary events, and an interview with the president of the European Financial Reporting Advisory Group, Jean-Paul Gauzès, explaining the group’s role and how it contributes to improving European financial reporting and standard setting.

EIOPA calls for enhanced powers in response to ESAs consultation

On 29 May 2017, the European Insurance and Occupational Pensions Authority (EIOPA) responded to the European Commission’s consultation

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.