Weekly highlights—20 July 2017

Weekly highlights—20 July 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 20 July 2017.

Brexit

ESMA issues sector-specific principles on relocations from the UK to the EU

The European Securities and Markets Authority (ESMA) published three opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets. The opinions are aimed at creating consistency of approach in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the UK.

FMLC warns of financial services impact if UK becomes a 'third country' post-Brexit

The Financial Markets Law Committee (FMLC) published a paper warning of market disruption if the UK becomes a 'third country' from the perspective of European legislation, with no treaty provision governing the supply of financial services into the EU single market.

UK–EU data flow 'must be protected post-Brexit'

The government needs to ensure an uninterrupted data flow between the UK and EU after Brexit to maintain stability and certainty for businesses and security, a report from the House of Lords has warned. The EU Home Affairs Sub-Committee says without a transitional arrangement, the lack of fall-back options would raise concerns about the UK’s ability to maintain police and security co-operation with the EU following Brexit, and urges the government to gain a role for the Information Commissioner’s Office (ICO) on the European Data Protection Board.

Financial Conduct Authority updates

FCA policy development update for July 2017

The Financial Conduct Authority (FCA) published its latest policy development update, which provides information on its recent and upcoming publications. The FCA's second consultation paper on implementation of the Insurance Distribution Directive

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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.