Weekly highlights—25 May 2017

Weekly highlights—25 May 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 25 May 2017.

Brexit

ECB official discusses euro clearing post-Brexit

On 18 May 2017, an official at the European Central Bank (ECB) raised concerns about the impact of Brexit on the future of euro clearing in the UK. In a speech on financial market integration given at the Government Borrowers Forum in Luxembourg on 18 May 2017, Yves Mersch, member of the executive board of the ECB, also called for Eurobonds to be settled in the TARGET2-Securities (T2S) system by 2018, and urged the development of a Europe-wide primary market for securities.

Financial Conduct Authority updates

FCA May round up now available

On 18 May 2017, the Financial Conduct Authority (FCA) published its May 2017 regulatory round up.

Regulatory architecture

EACT says ESAs should not make EU policy decisions

On 17 May 2017, the European Association of Corporate Treasurers (EACT) responded to the European Commission’s consultation on the operations of the European Supervisory Authorities (ESAs), calling for more clarity around the ESAs’ remit. EACT said it should be made clear that the ESAs provide technical work, while policy decisions impacting the wider European economy and its functioning are systematically taken by the European Commission, the European Parliament and the Council.

ESMA risk analysis officer on the opportunities and threats of RegTech

On 18 May 2017, the European Securities and Markets Authority (ESMA) published a speech by a senior risk analysis officer in its innovation and products team, Patrick Armstrong, concerning the role of regulatory technology (RegTech)—ie technologies that ‘solve regulatory and compliance requirements more effectively and efficiently’.

Council

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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.