Weekly highlights—30 November 2017

Weekly highlights—30 November 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 30 November 2017.

Brexit

Legislative amendments proposed on relocation of EMA and EBA from London

The European Commission made two legislative proposals to amend the founding Regulations of the European Medicines Agency (EMA) and the European Banking Authority (EBA). This follows an agreement by the EU27 leaders to move the EMA and the EBA from London to Amsterdam and Paris, respectively. The proposals are strictly limited to confirming the new seats of the agencies in the two founding Regulations.

EU Scrutiny committee examines Brexit’s impact on financial services

The House of Commons European Scrutiny Committee produced a report on Brexit and the UK’s financial services sector, interim arrangements, and the possibility of a ‘cliff-edge’ departure. The report also discusses the status of EU legislative proposals on resolution and recovery, and capital requirements.

Lords’ EU Financial Affairs Sub-Committee heard from FCA and Barclays

On 29 November 2017, the House of Lords EU Financial Affairs Sub-Committee heard evidence from the Financial Conduct Authority (FCA)’s CEO, Andrew Bailey and the chair of Barclays, John McFarlane.

LMG proposes mechanism to enable the EU and UK to maintain insurance markets access and regulatory control post-Brexit

The London Market Group (LMG) published a proposal for the UK government that sets out a mechanism that would enable the EU and UK to maintain access to their insurance markets and control over their respective regulatory systems, once the UK leaves the EU.

Financial Conduct Authority updates

Minutes available of FCA October 2017 board meeting

The FCA published the 

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About the author:
Prior to joining LexisNexis in 2016 as a paralegal, Lauren was an adjudicator at the Financial Ombudsman Service. There she resolved consumers’ complaints, and gained knowledge about a wide variety of financial products. Before this she studied Law at Nottingham Trent University.