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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 15 December 2016.
On 12 December 2016, the European Parliament published a briefing, dated 9 December 2016, setting out the prominent role of the UK in the single market for financial services, and highlights which activities currently rely on passporting for the UK’s daily business with the other 27 EU Member States. The briefing relies on publicly available information, including secondary sources such as analytical papers by research institutes and private sector companies such as Global Financial Centres Index, the Centre for European Reform and the Boston Consulting Group. The European Parliament indicates that the briefing may be updated pending new information.
On 12 December 2016, the Treasury Committee issued a call for written submissions on transitional arrangements, as part of its inquiry into the UK’s future economic relationship with the EU. Among the issues considered is the period of notice that would be required of the UK's final, settled relationship with the EU to enable the private sector to make necessary preparations. The deadline for written submissions is 31 January 2017.
On 13 December 2016, a report published by the House of Lords EU Sub-Committee found that the UK government will need to agree a transitional trade arrangement between the UK leaving the EU and full implementation of new trade terms. An important element of this could be a temporary extension of participation in the customs union. The report evaluates four main models for future UK–EU trade, and concludes there is always an inherent trade-off between liberalising trade and the exercise of sovereignty.
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