Weekly highlights—27 October 2016

Weekly highlights—27 October 2016

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 27 October2016.

Brexit

Governor of Bank of England to give evidence to Lords’ Economic Affairs Committee on Brexit

On 20 October2016, it was announced that Mark Carney, the Governor of the Bank of England (BoE), was scheduled to give evidence to the House of Lords Select Committee on Economic Affairs at 3.35pm on Tuesday 25 October2016. The focus of the evidence session was the economic consequences of the vote to leave the European Union and the BoE’s response.

Financial Conduct Authority updates

FCA consults on its future Mission

On 26 October2016, the Financial Conduct Authority (FCA) published a consultation on its future Mission. The FCA has set out its Mission around a set of guiding principles around the strategic choices it makes. The FCA said the launch of the consultation on its future role is designed to understand how the regulator can ‘make the biggest difference in making markets work well’ and meet the increasingly complex needs of consumers. The consultation is open until 26 January 2017.

Regulatory architecture

ESMA official speaks on regulatory and supervisory developments

On 20 October2016, Verena Ross, executive director of the European Securities and Markets Authority (ESMA), gave a speech entitled ‘Regulatory and supervisory developments, the challenges ahead—a European perspective’ at the Finanstilsynet 30th Anniversary International Conference in Oslo, Norway. Ms Ross spoke of the importance of investor protection to Capital Markets Union (CMU), and described some of ESMA’s recent workstreams in the areas of disclosure, distribution, supervisory convergence and data collection. She also noted the ongoing integration of Norway and other European Economic Area (EEA) and European Free Trade Association (EFTA) states with the European Union, a topic that will

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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.