Weekly highlights—27 September 2018

Weekly highlights—27 September 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 27 September 2018.

Brexit

Alternative Brexit plan calls for major MiFID II changes

A Brexit-supporting think tank set out an alternative plan for Britain's exit from the EU on Monday that calls for swathes of Europe's financial rule books to be scrapped.

Financial Conduct Authority updates

FCA’s regulation round up for September 2018 now available

The Financial Conduct Authority (FCA) published its regulation round up for September 2018. Hot topics include the consultation on extending the Senior Management and Certification Regime (SM&CR) to claims management companies, and the FCA’s approach to final regulatory technical standards and draft European Banking Authority guidance under the revised Payment Services Directive.

Prudential Regulation Authority updates

PRA reports on the impact of climate change on the UK banking sector

The Prudential Regulation Authority (PRA) published a report examining the financial risks from climate change that impact UK banks, building societies and PRA-designated investment firms. It assesses how banks are responding to these risks, and clarifies the PRA’s supervisory approach. The report is based on a PRA survey covering 90% of the UK banking sector, bilateral meetings with firms and stakeholders, and the findings from the Bank of England’s broader climate-related work.

Financial stability

BIS Quarterly Review finds emerging market economies facing pressure

The Bank for International Settlements (BIS) published the September 2018 issue of its Quarterly Review, which says emerging market economies (EMEs) have come under pressure recently, pushing bond yields higher and domestic currencies lower. BIS says asset prices in EMEs were shaken by the strong dollar, trade tensions, and signs of a slowdown in China. The impact differed across countries, with some facing crises, but contagion was limited.

Authorisation, approval and supervision

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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.