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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 22 February 2018.
The Association for Financial Markets in Europe (AFME), together with Clifford Chance, published FAQs on the potential operational and documentation impacts of Brexit on banking customers’ contractual activities. As banks begin implementing their Brexit contingency plans, clients are likely to see impacts in respect of existing cross-border contracts and will be required to put in place arrangements for new business following Brexit. The FAQs address questions such as which clients may be in scope, which contracts may be affected, how they may be impacted and consequential operational impacts that need to be considered.
The Financial Conduct Authority (FCA) published its monthly regulatory round-up for February 2018. Among other things, the FCA reminds firms that they have until 12 March 2018 to respond to the FCA’s ‘approach to authorisation’ and the ‘approach to competition’.
On 16 February 2018, the chief executive of the FCA, Andrew Bailey, said that the FCA had been unable to obtain the consents needed for it to publish the section 166 report into the Global Restructuring Group (GRG) of the Royal Bank of Scotland (RBS). Instead, the FCA provided a copy of the report directly to the House of Commons Treasury Select Committee, as the committee requested in correspondence with the FCA earlier this month.
On 20 February 2018, the Treasury Committee published the final,
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