Weekly highlights—3 May 2018

Weekly highlights—3 May 2018

Brexit

ECB and BoE to form Brexit risk management working group

Following a request by the European Commission and HM Treasury, the European Central Bank (ECB) and the Bank of England (BoE) are to convene a technical working group on financial services risk management in the period around 30 March 2019. This technical work will be separate from the ongoing negotiations on the withdrawal agreement between the EU and the UK and from the negotiations on the overall understanding of the framework for their future relationship.

Commission issues warning on IORPs after Brexit

The European Commission published a notice to stakeholders on the implications of Brexit for the rules in the field of institutions for occupational retirement provision (IORPs). As of the withdrawal date, IORPs registered or authorised in the UK will no longer benefit from the registration or authorisation under Directive (EU) 2016/2341 to provide services in the EU and will be treated as third-country undertakings, to which Directive (EU) 2016/2341does not apply.

Michel Barnier: UK needs to stick to EU rules to access Single Market

Michel Barnier gave a speech at the Eurofi High-level Seminar 2018, in which he commented on the impact of Brexit on financial services. According to Mr Barnier, the EU has no intention to discriminate against the UK post-Brexit. However, if the UK intends to rely on equivalence to access the Single Market, it should avoid diverging from EU financial regulation.

Financial Conduct Authority updates

FCA publishes Handbook Notice 54

The Financial Conduct Authority (FCA) published 

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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.