Weekly highlights—21 June 2018

Weekly highlights—21 June 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 21 June 2018.

Brexit

HM Treasury letter to HoC European Scrutiny Committee on reforms to ESFS

The UK government published a letter from the economic secretary to the Treasury, John Glen, to the chair of the House of Commons European Scrutiny Committee, Sir William Cash (dated 7 June 2018), on the legislative proposals for reforms to the European System of Financial Supervision (ESFS).

Post-Brexit threats to financial contract continuity, finance group warns

A crisis over the failure of cross-border financial contracts post-Brexit will pose a significant risk to financial stability and to 36 million insurance policyholders across the UK and EEA, the financial and professional services industry group TheCityUK said. Additionally, £26tn of outstanding uncleared derivatives contracts could be impacted if the UK and EU fail to agree on a solution.

Regulatory architecture

BoE and PRA annual reports and accounts 2018

The Bank of England (BoE) and the Prudential Regulation Authority (PRA) published their annual reports and accounts 2018 (PRA annual report/BoE annual report).The reports provide information on the BoE and PRA activities and finances for the preceding year.

EBA publishes its 2017 annual report

The European Banking Authority (EBA) published its 2017 annual report, which provides a detailed account of the work the Authority achieved in the past year and anticipates the key areas of focus in the coming years.

EIOPA publishes annual report for 2017

The European Insurance and Occupational Pensions Authority (EIOPA) published its annual report for 2017. The report provides

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.