Weekly highlights—19 July 2018

Weekly highlights—19 July 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 19 July 2018.

Brexit

Brexit Bulletin—government publishes White Paper on UK-EU future relationship

The Department for Exiting the European Union (DExEU) published its White Paper on the future relationship between the EU and UK, which seeks to ensure ‘frictionless trade’ between the UK and EU post-Brexit while enabling the UK to make global trade deals and avoid a hard border between Ireland and Northern Ireland. The White Paper reiterates, among other things, the UK’s priorities and red lines, acknowledges that the UK will have more trade barriers than at present and reaffirms that the UK will end the free movement of people.

MEPs want more say on equivalence of EU/third country rules in financial services

The European Parliament issued a press release stating that MEPs want a greater say on equivalence of EU/third country rules in financial services. Transparent procedures are needed to govern the adoption, withdrawal or suspension of decisions as to whether third country rules are equivalent to EU ones, according to European Parliament Committee on Economic and Monetary Affairs (ECON) MEPs.

FMLC report and letter highlight Brexit uncertainties for insurers

The Financial Markets Law Committee (FMLC) published a paper on issues of legal uncertainty arising in the context of the establishment of an EU insurer in another Member State. It also sent a letter to the DExEU detailing the issues of legal uncertainty which arise in relation to insurance business in the context of Brexit.

Financial Regulators’ Powers (Technical Standards etc) (Amendment etc) (EU Exit) Regulations 2018

SI 2018/Draft:

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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.