Weekly highlights—27 April 2017

Weekly highlights—27 April 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 27 April 2017.

Brexit

IMF warns of Brexit’s impact on financial stability

On 20 April 2017, International Monetary Fund (IMF) assistant director, Matthew Jones, told a press conference that Brexit is going to present challenges to financial stability. On the release of the IMF’s 2017 Global Financial Stability Report, Jones said there is a lot of uncertainty about the outcome of the negotiations and how that will affect the global financial system. One challenge will be the complexity of financial entities which may arise if some institutions choose to reallocate activities outside of London.

European Commission warns staff of Brexit ‘administrative chill’

On 20 April 2017, the British Bankers Association (BBA) released the latest edition of its round-up on banking policy news, highlighting an internal memo sent by senior European Commission officials to all EU staff highlights a growing ‘administrative chill’ ahead of Brexit proceedings.

Government consults on legal framework for imposing and implementing sanctions post-Brexit

On 24 April 2017, the government published a White Paper calling for views on the legal powers it will need following Brexit so that it can continue to impose and implement sanctions. New legal powers are needed to replace many of the current powers, which are derived from the European Communities Act 1972. The consultation will close on 23 June 2017.

Financial Conduct Authority updates

FCA press conference elaborates on its Mission

On 20 April 2017, the Financial Conduct Authority (FCA) published a transcript of a press conference held on 18 April 2017 accompanying the publication of its

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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.