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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 28 September 2017.
Theresa May used her speech in Florence to set out proposals for a two-year transition period after the UK leaves the EU in March 2019. May said existing EU market access arrangements should apply during that period and promised Britain would pay its ‘fair share’ into the EU budget. She also used her speech to reiterate that EU citizens are a valuable part of UK society, and the government wants them to stay post-Brexit. She addressed uncertainty around EU law by suggesting UK courts should be able to take account of Court of Justice judgments, with a view to ensuring ‘consistent interpretation’. Lawyer from Pinsent Masons, Kingsley Napley and Mischon de Reya and Carter Thomas suggest the speech is an attempt to break the current stalemate in negotiations. They believe the transitional period will be welcomed by EU citizens living in the UK. However, the lack of detail regarding entitlements still leaves a lot of room for uncertainty.
The International Regulatory Strategy Group (IRSG) published a report on 'A new basis for access to EU/UK financial services post-Brexit', which makes detailed proposals on the terms of a free trade agreement (FTA) under which financial services suppliers in the EU and UK would have access to each other’s markets after Brexit. The IRSG's proposals are intended to achieve a level of mutual access for EU and UK firms as close as possible to the current levels of access within the EU framework.
The chief executive of the Association for Financial Markets in Europe
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