Weekly highlights—27 July 2017

Weekly highlights—27 July 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 27 July 2017.

Brexit

House of Lords opens inquiry into financial regulation after Brexit
The House of Lords’ EU financial affairs sub-committee launched a new inquiry into the future of financial regulation and supervision following Brexit. Evidence is sought by 29 September 2017 and public hearings are expected to begin in September.
Informal Brexit liaison group examines regulation options for the UK

The informal Brexit liaison group held its first meeting of the 2017–19 parliamentary session, where it discussed with the deputy governor of the Bank of England, Sir Jon Cunliffe, the issue of transferring the EU acquis and ensuring good regulation of financial services in the UK. One possible option discussed was using the established framework for financial services in the UK, where the regulators already have a legislative function.

Financial Conduct Authority updates

FCA announces latest Handbook changes

The Financial Conduct Authority (FCA) published Handbook Notice No. 46, which included changes to the FCA Handbook made in instruments adopted by the FCA Board in June and July 2017, together with feedback on consultations that would not have a separate policy statement published by the FCA. It also described changes due to be made by the board of the Financial Ombudsman Service to its standard terms on 26 July 2017.

FCA reviews achievements and challenges at 2017 annual public meeting

The FCA held its fourth annual public meeting on 18 July 2017, at which it discussed its annual report 2016/17. The meeting was opened by the FCA chair, John Griffiths-Jones, who acknowledged that the period had been an uncertain one for parts of the financial sector,

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.