Weekly highlights—23 November 2017

Weekly highlights—23 November 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 23 November 2017.

Brexit

Government responds to UK trade options beyond 2019 inquiry—financial services aspects

The House of Commons International Trade Committee (ITC) published the government's response to the ITC's March 2017 report into UK trade options beyond 2019 following Brexit. In relation to trade in financial services, in recommendation 9, the report stated that the government should seek the nearest achievable approximation to passporting and in recommendation 14 that there should be a plan in place for transitional arrangements to ensure that passporting in financial services will not come to a sudden end. The report also sought clarity in recommendation 10, regarding how complex disputes in the financial sector would be resolved without the involvement of the European Court of Justice (ECJ).

Barnier—EU27 wants ‘close relationship’ with UK, but ‘Brexit means Brexit’

In a speech to the Centre for European Reform on the future of the EU, the EU’s chief Brexit negotiator, Michel Barnier, underlined the desire for the EU27 to seek a ‘close relationship with the UK’ once Brexit happens. Barnier spoke about building a ‘stronger’ EU and addressed matters such as the Eurozone, Ireland and the single market, highlighting in particular that, while the UK will lose the benefits of the single market, the EU ‘does not want to punish’.

ECB critical of banks' 'empty shell' Brexit relocation plans

The European Central Bank (ECB) reprimanded several banks for seeking to move some of their regulated services from the UK to the EU as a result of Brexit on the basis that their banking applications were inadequate as they involve setting up 'empty shell' operations in the EU that are not properly

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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.