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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 11 January 2018.
The Chancellor and Brexit Secretary have appealed to German business leaders to help them ‘to craft a bespoke solution that builds on our deeply integrated, unique starting point to maximise economic cooperation, while minimising additional friction’. Writing in Frankfurter Allgemeine Zeitung, Philip Hammond and David Davis called for a UK/EU deal that would cover financial services, saying the 2008 financial crisis had shown how easily contagion can spread without global and regional safeguards in place. They said the EU and UK should ‘re-double our collective effort to ensure that we do not put that hard-earned financial stability at risk, by getting a deal that supports collaboration within the European banking sector, rather than forcing it to fragment’.
The European Commission published a speech given by Michel Barnier at the Trends Manager of the Year 2017 event in Brussels, in which Mr Barnier discussed the future relationship between the EU27 and the UK. In relation to financial services, Mr Barnier stated that the EU could treat some British financial regulation as equivalent to EU law after Brexit, but would not give financial firms a general ‘passport’ to do business in the single market.
The Financial Conduct Authority (FCA) and the Financial Reporting Council (FRC) have signed a memorandum of understanding (MoU) setting out how the two bodies co-operate and co-ordinate in carrying out their regulatory responsibilities under the Financial Services and Markets Act 2000 and the Financial
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