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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 20 September 2018.
The Investment Association (IA) published 'Asset management in the UK 2017-2018’, its annual survey which captures asset management undertaken by IA members on behalf of domestic and overseas clients. Key findings include an increase of 29% between 2016 and 2017 in the amount of overseas assets from European investors, making Europe the largest source of overseas assets for UK asset managers. The IA concludes that its statistics underline the urgent need for a Brexit deal to safeguard the asset management industry.
The House of Commons Committee for Exiting the European Union has published a progress report on the UK’s negotiations on EU withdrawal, covering the period June to September 2018. The section on financial services discusses the negotiations between the EU and the UK over ‘equivalence’ and ‘mutual recognition’.
The Financial Conduct Authority (FCA) published a direction clarifying how an EEA market operator may make an application to become a recognised overseas investment exchange (ROIE), to enable the participation of the exchange in UK markets, should they no longer be able to rely on MiFID II passport rights once the UK leaves the EU. Overseas investment exchanges which do not carry on regulated activities in the UK need take no action.
The CEO of the International Swaps and Derivatives Association (ISDA), Scott O'Malia,
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