Weekly highlights—20 September 2018

Weekly highlights—20 September 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 20 September 2018.

Brexit

IA annual survey underlines importance of Brexit deal for asset management industry

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.

Committee for exiting EU progress report discusses ‘enhanced equivalence’

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’.

FCA clarifies how EEA market operators may apply to become ROIEs post-Brexit

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.

ISDA CEO warns of impact of Brexit on derivatives markets

The CEO of the International Swaps and Derivatives Association (ISDA), Scott O'Malia, 

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.