Weekly highlights—20 October 2016

Weekly highlights—20 October 2016

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 20 October 2016.

Brexit

FRC chairman promotes the UK’s excellence at Brexit summit

On 12 October 2016, the Financial Reporting Council (FRC) published a speech made by Sir Win Bischoff, chairman of the FRC, at the Financial Services Brexit summit on 11 October 2016. Sir Win Bischoff stressed that the goal for the FRC is that the UK remains a global centre of excellence for accounting and audit, and a magnet for global investors’ capital, both during and after Brexit.

EU Financial Affairs Sub-Committee to take evidence of impact of Brexit on financial services sector

On 17 October 2016, the Lords Select Committee announced that on 19 October 2016, the House of Lords EU Financial Affairs Sub-Committee would hold an evidence session with officials from HM Treasury to understand the possible impact of Brexit on the UK’s financial services industry. The Sub-Committee would hear from the Simon Kirby MP, economic secretary to the Treasury, Katharine Braddick, director of financial services, HM Treasury and Lowri Khan, director of financial stability, HM Treasury.

FS 'passports' should be kept in place following Brexit, Open Europe finds

On 17 October 2016, Open Europe (OE) published a report where it has explored measures which the financial services sector could take if the UK leaves the Single Market following Brexit. Issues covered include the true value of the financial services passport and the alternative arrangements that the UK should pursue in negotiations with the EU if the UK leaves the Single Market.

Regulatory architecture

ESMA and IFRS Foundation issue updated set of protocols on increased cooperation

On 13 October 2016, the European Securities and Markets Authority (ESMA) and the International Financial Reporting Standards Foundation (IFRS Foundation) announced an

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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.