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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 10 November 2016.
On 3 November 2016, the UK Parliament published the transcript of a debate in the House of Commons on 3 November 2016 regarding the effect of Brexit on financial and other professional services.
On 4 November 2016, the House of Lords EU Financial Affairs Sub-Committee on Financial Services published the Financial Conduct Authority’s (FCA) written submission on the future of financial services in the UK following the Brexit vote. The submission, dated 17 October 2016, outlines the FCA’s commitment to ensuring continuity in the delivery of its objectives, and to continue to attach importance to a number of principles regardless of the shape of the new relationship with the EU and its member states.
On 8 November 2016, the Treasury Committee published a letter from Andrew Bailey, Chief Executive of the FCA, to Andrew Tyrie MP, Chairman of the Treasury Committee. The letter covers the regulatory landscape for financial services if the UK were to be considered a third country bythe continuing members of the EU post-Brexit.
On 8 November 2016, Scotland’s First Minister confirmed that the Lord Advocate—Scotland’s most senior law officer—will lodge a formal application to intervene in the UK government’s appeal to the Supreme Court on the triggering of Article 50. The Lord Advocate will lodge the application as soon as the UK government begins its
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