Weekly highlights—29 March 2018

Weekly highlights—29 March 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 29 March 2018.

Brexit

Bank of England and FCA updates on the regulatory approach to preparations for Brexit

The Bank of England (BoE) and the Financial Conduct Authority (FCA) have each separately provided updates on their respective approaches to preparations for EU withdrawal. Both the BoE update and the FCA update welcome the agreement between the UK and EU27 that there should be an implementation period until the end of 2020 as part of the UK's withdrawal agreement with the EU.

Exiting the EU Committee hears evidence from legal and financial services practitioners

The Exiting the European Union Committee spoke to representatives from the legal, banking and insurance and financial services industries in Leeds on 22 March 2018 as part of its ongoing inquiry looking at the progress of the UK's negotiations on EU withdrawal.

BIBA and WBN reach agreement to ensure EU access for UK insurers post-Brexit

The British Insurance Brokers’ Association (BIBA) reached an agreement with the Worldwide Broker Network (WBN) which will facilitate the introduction of BIBA member firms to a WBN member firm in an EU state so that they can continue to work with EU-based clients. BIBA said the agreement would provide some certainty and continuity to BIBA members and their EU clients in the absence of a trade agreement providing access to the single market.

AFME welcomes further progress in Brexit negotiations​

Following the conclusion of the EU Summit on 23 March 2018, the chief executive of the Association for Financial Markets in Europe (AFME), Simon Lewis, 

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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.