Weekly highlights—30 August 2018

Weekly highlights—30 August 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 30 August 2018.

Brexit

Brexit bulletin—UK government publishes first tranche of technical notices on no deal Brexit

The Department for Exiting the European Union published the first tranche of technical notices designed to inform individuals, businesses and public bodies in the UK of the implications of exiting the EU in March 2019 without a deal, including a technical notice on banking, insurance and other financial services. In a speech on the government’s planning for a no deal Brexit, Secretary of State for Exiting the European Union, Dominic Raab, spoke of the need for a ‘sensible, responsible and realistic conversation’ about the no deal scenario and what it means in practice, so that citizens, businesses and public sector organisations can make informed plans to prepare for Brexit in any event.

Philip Hammond writes to Chair of Treasury Select Committee on ‘no deal’ Brexit economic analysis

The chancellor of the exchequer, Philip Hammond MP, wrote to the chair of the Treasury Committee, Nicky Morgan MP, regarding the government’s Brexit ‘no deal’ planning and analysis, saying that while the government was confident in agreeing a good deal for both sides, it had to prepare for all scenarios. The impacts on GDP could have large fiscal consequences with potential borrowing around £80 billion a year higher under a no deal/WTO scenario by 2033–34 in the absence of mitigating adjustments to spending and/or taxation relative to a status quo baseline.

The CityUK on Brexit financial services contingency paper and continuity of cross-border financial contracts

TheCityUK responded to the UK government’s Brexit contingency paper for financial services, saying it summarises the ‘prudent and pragmatic actions the UK government is taking to help minimise the

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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.