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Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 31 August 2017.
The Financial Markets Law Committee (FMLC) evaluated issues of legal uncertainty with regards to cross-border insolvency proceedings, which may follow Brexit. They have identified a plethora of issues that may still occur, despite the government’s plan to implement the European Union (Withdrawal) Bill, if no agreement is made between the EU and the UK. The FMLC is particularly concerned about the financial markets, due to loss of the mutual and reciprocal recognition provisions written into the Recast EU Insolvency Regulation (EU) 2015/848, which cannot be resolved by means of a wide-ranging reception statute. The paper looks at issues with restructuring tools, such as schemes of arrangement or related financial services measures, for example the Settlement Finality Directive 98/26/EC and the Financial Collateral Arrangements Directive 2002/47/EC.
A member of the executive board of the Deutsche Bundesbank, Dr Andreas Dombret, delivered a speech examining different approaches to dealing with struggling banks in the euro area, and asking ‘does European banking union actually work?’ Dr Dombret looked at the work of the single supervisory mechanism (SSM), the role of the single resolution mechanism (SRM) and national insolvency regimes, and the current state of affairs in the European banking sector in the context of the banking union. The speech examines the actions taken in relation to Banco Popular Español, Banca Monte dei Paschi di Siena and two Venetian banks liquidated in June 2017.
The European Central Bank (ECB) fined Permanent tsb Group
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