Weekly highlights—14 September 2017

Weekly highlights—14 September 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 14 September 2017.

Brexit

EU Financial Affairs Sub-Committee to assess financial supervision and regulation after Brexit

The EU Financial Affairs Sub-Committee opened its inquiry into post-Brexit financial supervision and regulation on 13 September 2017 with evidence from Eilís Ferran, professor of company and securities law at the University of Cambridge, and Niamh Moloney, professor of law at the London School of Economics. The inquiry is seeking to explore how regulation and supervision can evolve following Brexit in order to ensure financial stability and preserve market access.

EU Commission outlines requirements for protection and use of data post-Brexit

The EU task force for the preparation and conduct of negotiations with the UK under Article 50 TEU issued a policy paper which details essential principles for the use of personal data, protection of information obtained or processed prior to the date of the UK’s withdrawal from the EU and classified information. Access to networks, information systems and databases established by EU law will, as a general rule for the UK, be terminated upon withdrawal.

UK Finance and AFME call for transitional arrangements for cross-border contracts

UK Finance and the Association for Financial Markets in Europe (AFME) co-published a report on the impact of Brexit on cross-border financial services contracts. The paper examines the UK and EU marketplace for cross-border provision of financial services and the potential impact of Brexit on existing cross-border contracts, calling for a mechanism to allow such contracts to run to maturity. UK Finance CEO Stephen Jones said the problem was wide-ranging and not just limited to banking, affecting cross-border products and services across payments, insurance and investment management services.

Insurance Europe calls for

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.