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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 15 February 2018.
The Treasury Committee published a letter, dated 2 February 2018, from the economic secretary to the Treasury, John Glen MP, concerning whether to publish a position paper on financial services and Brexit. The chair of the Committee, Nicky Morgan MP, had said on 22 January 2018 that failure to publish a position paper ‘sends all the wrong signals’. Mr Glen said the UK’s intentions for its future relationship with the EU form an integral part of the government’s negotiating strategy, and as negotiations are highly sensitive, the government must ‘carefully consider the timing of any publications that could be used to undermine the UK’s negotiating position’.
Insurance Europe (IE) published two position papers relating to Brexit. The first paper calls for a transitional arrangement that would help avoid a cliff-edge scenario and allow insurers that operate cross-border to fulfil their obligations to consumers. The second paper relates to the transfer of personal data between the EU/EEA and the UK post-Brexit. It calls on the European Commission and the UK to launch adequate assessment processes as soon as possible, with a view to recognising each other’s data protection frameworks in order to avoid business disruption.
The European Commission published a number of notices to stakeholders from the Directorate-General for Financial Stability, Financial Services and Capital Markets Union on the legal and practical implications of Brexit. These notices, which
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