Weekly highlights—24 August 2017

Weekly highlights—24 August 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 24 August 2017.

Brexit

Post-Brexit central counterparty location policy would increase costs and create 'fragmented' derivatives market

The International Swaps and Derivatives Association (ISDA) published the first in a series of white papers: Brexit–central counterparty (CCP) location and legal uncertainty—setting out their position on Brexit and the potential impact on the derivatives market. ISDA believes an EU CCP location policy would increase costs for market participants and create a more fragmented and less secure clearing house landscape. ISDA also urges UK and EU policy-makers to remove any legal uncertainty over cross-border English law contracts by designing transitional arrangements to be put in place after the UK leaves the EU until a proper system of mutual recognition is introduced.

UK should prioritise unilateral free trade post-Brexit, the Institute of Economic Affairs says

The Institute of Economic Affairs (IEA) said the UK should not hesitate to reject a 'bad deal' offered by the EU, and should continue to trade with the EU under the World Trade Organization (WTO) rules on the same tariff-free basis as it presently does. A new report seeks to debunk 'existing assumptions' about existing EU trade arrangements and calls for unilateral free trade (UFT) following Brexit, complemented by free trade agreements with major trading partners including the US, Canada and Australia.

Financial Conduct Authority updates

FCA publishes seven impact assessments

The Financial Conduct Authority (FCA) published seven impact assessments with regard to qualifying regulatory provisions. The assessments were produced in 2016 and 2017 and assess the impact of several UK Listing Authority (UKLA) technical notes, two thematic reviews and changes to the FCA’s supervision model.

The FCA published impact assessments with regard to the following UKLA technical notes

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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.