Weekly highlights—15 March 2018

Weekly highlights—15 March 2018

Brexit

FCA launches survey for EEA inbound passported firms in advance of Brexit

The Financial Conduct Authority (FCA) issued a survey following the government's announcement in December 2017 that, if necessary, it will legislate to provide a temporary permission scheme for European Economic Area (EEA) firms and funds passporting into the UK prior to the UK exiting the EU. The FCA is asking firms which passport into the UK (either via a branch or on a cross-border services basis) or market funds in the UK to complete the short online survey by 11 May 2018.

Illustrative examples of secondary legislation to be introduced under EU (Withdrawal) Bill

The government updated its guidance page on the European Union (Withdrawal) Bill to include illustrative examples of the draft statutory instruments (SIs) which would be introduced once the Bill becomes law. The example instruments cover a range of legal subject areas including employment rights, health and safety, contractual and non-contractual obligations and transport.

Economic and fiscal report outlines first Brexit divorce bill payment plan

The cost of leaving the EU will see Britain paying for 45 years, until 2064, according to data produced by the Office for Budget Responsibility (OBR). The Treasury supervisory body noted that it was forced to base its predictions on ‘broad-brush assumptions’ as a ‘meaningful basis upon which to predict the precise end-point of the Brexit negotiations’ is yet to be found, but estimated that the total cost of leaving the EU would be £37.1bn.

Responses to Philip Hammond’s Brexit speech

The Investment Association, the Confederation of British Industry and the Association of British Insurers all responded to the chancellor of the exchequer’s Brexit speech on financial services:

  • the Investment

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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.