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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 23 March 2017.
The European Union (Notification of Withdrawal) Act 2017 received Royal Assent on 16 March 2017. It confers power on the Prime Minister to notify, under Article 20(2) of the Treaty on European Union, the United Kingdom’s intention to withdraw from the EU. This has effect despite any provision made by or under the European Communities Act 1972 or any other enactment.
On 20 March 2017, Sir Tim Barrow, the Permanent Representative to the EU, informed European Council President Donald Tusk that the UK government will trigger Article 50 of the Lisbon Treaty on 29 March 2017, Secretary of State for Exiting the EU, David Davis, has announced. In his announcement, Mr Davis reiterated the government’s commitment to seeking a deal which ‘works for every nation and region of the UK and indeed for all of Europe’.
On 21 March 2017, a meeting of the European Council was called for 29 April 2017 to adopt Guidelines for the Brexit talks, EU President Donald Tusk has announced prior to the EU–Japan Leaders’ meeting. Mr Tusk said the Council’s main priority for the negotiations must be to create as much certainty and clarity as possible for all citizens, companies and Member States that will be negatively affected by Brexit, as well as for the EU’s partners around the world.
On 21 March 2017, the government responded to the House of
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