Weekly highlights—14 June 2018

Weekly highlights—14 June 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 14 June 2018.

Brexit

ECB speech on the impact of Brexit on central counterparties

Yves Mersch, a member of the executive board of the European Central Bank (ECB), made a keynote speech at the Frankfurt Finance Summit entitled ‘Euro Clearing—the open race’. In his speech, Mr Mersch examined the impact of Brexit on central counterparties (CCPs).

ESMA executive director on supervisory convergence in developing a single European market

Verena Ross, executive director of the European Securities and Markets Authority (ESMA), gave a speech entitled 'Towards a genuine single European financial market—the role of regulation and supervision'. Among other issues, the speech highlighted that Brexit requires ESMA to strengthen the Capital Market Union and reform third country treatment.

ESC considers proposal to reduce cost of cross-border money transfers under SEPA

The House of Commons European Scrutiny Committee (ESC) considered a European Commission proposal to change the legal framework underpinning the Single European Payments Area (SEPA) to bring the costs of euro payments down for consumers and businesses in Member States that do not use the single currency locally. In light of Brexit, the ESC has asked for further information and brought the matter to the attention of HM Treasury.

Financial Conduct Authority updates

Christopher Woolard on the FCA’s approach to competition and innovation

The Financial Conduct Authority (FCA)’s executive director of strategy and competition, Christopher Woolard, delivered a speech at a conference on the relationship between antitrust, innovation and investment. Mr Woolard said innovation boosts competition, sees firms serve new niches, streamlines processes and shakes up the status quo. He also said the FCA was increasingly applying new technologies to its day-to-day

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.