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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 12 January 2017.
On 10 January 2017, witnesses at a Treasury Committee evidence session warned that accepting the loss of a part of the UK's financial services, such as euro-clearing, in Brexit negotiations could have ‘unintended and disruptive consequences’. They called for a three-year standstill after triggering Article 50 to reduce the risk of banks taking ‘pre-emptive action’.
As Malta assumes the Presidency of the Council of the European Union, it has set out its aims and priorities in the financial services sector. These include work on Capital Markets Union (CMU), venture capital, access to finance for small to medium enterprises (SMEs), capital requirements and banking union, together with ongoing work to counter fraud and money laundering.
On 5 January 2017, the European Securities and Markets Authority (ESMA) announced it is looking to newly constitute a consultative working group (CWG) for its Corporate Reporting Standing Committee (CRSC) as the two-year term of the existing CWG will expire shortly. ESMA is therefore calling for expressions of interest from stakeholders to become a member of the CWG by 6 February 2017.
On 11 January 2017, the European Banking Association (EBA) published a Decision dated 23 December 2016 adopting revised Rules of Procedure for investigation of breach of Union law (EBA/DC/2016/174).
On 11 January 2017, the Board of Supervisors of the EBA adopted
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