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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 13 April 2017.
On 5 April 21017, the Association for Financial Markets in European (AFME) chair Michael Cole-Fontayn, who is also the EMEA chairman for BNY Mellon, said that Brexit will prove to be a shared challenge for Europe’s capital markets.
On 6 April 2017, the European Parliament adopted a resolution officially laying down key principles and conditions for its approval of the UK’s withdrawal agreement. Any such agreement at the end of UK-EU negotiations will need to win the approval of the European Parliament. The resolution includes a number of points which will impact on negotiations on financial services, both with the EU and with third countries.
On 6 April 2017, the Prudential Regulation Authority (PRA) sent a ‘Dear CEO’ letter, from deputy governor and PRA CEO Sam Woods, to firms on contingency planning for the UK’s withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. This includes, for example, subsidiaries of US investment banks based in the UK doing business in the EU under passporting arrangements, as well as UK banks doing the same, and branches of institutions from other EU states operating in London.
On 7 April 2017, the House of Commons Library published a paper considering what would happen to EU Directives following Brexit. The briefing paper lists the EU Directives in force, linking
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