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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 11 May 2017.
On 4 May 2017, in the introductory remarks to a technical workshop for banks considering relocation in the context of Brexit, the vice-chair of the supervisory board of the European Central Bank (ECB), Sabine Lautenschläger, said significant and highly efficient planning efforts and resources will be required from both banks and supervisors to deal with any potential moves.
On 8 May 2017, theCityUK published a report it commissioned from Freshfields Bruckhaus Deringer LLP on how Brexit could affect UK financial services. The report initially planned to analyse each sector against three scenarios: full equivalence and passporting, equivalence where the provision already exists but no additional access rights are granted, and a third-country agreement, but says the first scenario is now politically impossible.
On 8 May 2017, EY released details from its Brexit Tracker survey, which monitors 222 UK financial services firms. The survey found more than a quarter of firms questioned are moving some staff or part of their operations out of the UK, or are reviewing their domicile as a result of Brexit. The figure represents a 50% rise over four months in the number of firms publicly voicing relocation intentions.
On 10 May 2017, the British Bankers’ Association's (BBA) published a Brexit Quick Brief #8, which looks at
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