Weekly highlights—23 February 2017

Weekly highlights—23 February 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 23 February 2017.

Brexit

IRSG highlights the effects of Brexit on CCPs

On 20 February 2017, the International Regulatory Strategy Group (IRSG) published a paper on central counterparties (CCPs) post-Brexit, which looks at the current regulatory and legal status of CCPs and the effects on UK CCPs and the markets generally if there is no change after Brexit.

Financial Conduct Authority updates

FCA publishes February 2017 regulation round-up

On 16 February 2017, the Financial Conduct Authority (FCA) issued its Regulation Round-up for February 2017. Hot topics in this issue focus on the role of competition in financial services and potential competition law infringements that the FCA has uncovered.

Regulatory architecture

European Parliament publishes resolution on Banking Union—Annual Report 2016

On 15 February 2017, the European Parliament published a resolution on the EU Banking Union—Annual Report 2016. It focuses on the areas of supervision, resolution and deposit insurance.

EBA publishes revised 2017 work programme

On 16 February 2017, the European Banking Authority (EBA) published a revised work programme for 2017, which includes some amendments from the previous draft published in September 2016.

CLLS says no new duty of care is needed for financial firms

On 16 February 2017, the City of London Law Society (CLLS) published its response to the consultation launched by the FCA in October 2016 on its future mission. In the letter, the CLLS Regulatory Law Committee agrees with the FCA that introducing a directly enforceable duty of care for financial firms would be unnecessary.

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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.