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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 30 March 2017.
On 21 March 2017, the government responded to the first report of the Exiting the EU Select Committee, which was published on 14 January 2017, saying it is aware of the importance of the financial services sector to the UK economy, and that it aims to maintain the City's leading position as one of the key centres of global finance.
On 22 March 2017, the European Union’s chief negotiator on Brexit, Michel Barnier, gave a speech at the plenary session of the European Committee of the Regions stressing the importance of reaching an agreement with the UK and setting out what he sees as the conditions for success. He expresses solidarity with the British authorities and citizens and says the EU is determined to reach an agreement on an orderly withdrawal for the UK and to prepare the way for a new partnership, and warns that both the UK and the EU would be ‘seriously affected’ in the event of non-agreement: ‘This scenario of a non-agreement, this no-deal scenario, is not ours’.
On 24 March 2017, in an update to its Brexit Papers, the Bar Council Brexit Working Group published a new paper on financial services, in which it has called on the government to aim for a bespoke agreement with the EU, replicating the status quo as far as possible and covering the gaps created by the loss of the passport regime. It warns that other mechanisms used by countries
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