Weekly highlights—2 August 2018

Weekly highlights—2 August 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 2 August 2018.

Brexit

AFME and ISDA warn of challenges with post-Brexit transfers of OTC derivatives

The Association for Financial Markets in Europe (AFME) and the International Swaps and Derivatives Association. (ISDA) published a joint paper examining the challenges faced by UK and EU firms and their clients seeking to transfer their legacy cross-border over-the-counter (OTC) derivative contracts to an appropriately licensed EU-27 affiliate in advance of Brexit.

IUA issues second Brexit contract continuity clause

The International Underwriting Association (IUA) issued a second Brexit contract continuity clause. In June 2018 the IUA published a policy clause to help companies manage insurance contracts as the UK leaves the EU, and this has now been followed up with a supporting document for when risks are underwritten on a subscription market basis.

Trade associations call for personal data transfer guarantees post-Brexit

Insurance Europe wrote a joint letter to the European Commission calling for legal certainty about the transfer of personal data between the UK, the EU and the European Economic Area (EEA) ahead of Brexit to avoid business disruption and adverse effects for European consumers. The letter was co-signed by DigitalEurope, the Trans-Atlantic Business Council and the European Association of Craft, Small and Medium-sized Enterprises (UEAPME).

Financial Conduct Authority updates

FCA publishes Handbook Notice No 57

The Financial Conduct Authority (FCA) published Handbook Notice No 57, which includes changes to the FCA Handbook made by the FCA board on 28 June and 26 July 2018, together with feedback on consultation papers that will not have a separate policy statement.

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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.