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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 26 April 2018.
The Economic and Monetary Affairs Committee of the European Parliament (ECON) voted to support the Commission's proposal to relocate the European Banking Authority (EBA) from London to Paris. Members of ECON regretted that the European Parliament was not involved in the selection process and requested Parliament's full entitlement as co-legislator in the ordinary legislative procedure (on an equal footing with the Council) to be respected in future selection procedures for the location of European agencies.
The Lloyd's Market Association drafted a model clause (referred to as the Brexit binding authority sunset endorsement) to assist in managing the transition of binding authority business to Lloyd's Brussels Subsidiary in respect of Brexit. The model clause prohibits the binding of business with an EEA regulatory risk location after 31 December 2018, in line with Lloyd's guidance published in market bulletin Y5166.
The vice-president of the European Commission, Valdis Dombrovskis, delivered a speech discussing Brexit at the City Week international financial services forum, saying all parties (firms and supervisors) should continue their work to prepare for all scenarios. Mr Dombrovskis said that while equivalence was not a perfect scenario for firms or for supervisors, it has proven to be a pragmatic solution that works in many different circumstances, and could work for the UK after Brexit as well.
The CEO of the Financial Conduct Authority (FCA), Andrew Bailey,
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