Weekly highlights—31 January 2019

Weekly highlights—31 January 2019

Brexit

 

Treasury Committee launches inquiry into the future of the UK’s financial services post-Brexit

The Treasury Select Committee launched an inquiry that will examine what the UK government’s financial services priorities should be when it negotiates the UK’s future trading relationship with the EU and third countries. It will also look at how the UK’s financial services sector can take advantage of the UK’s new trading environment with the rest of the world, and whether the UK should maintain the current regulatory barriers that apply to third countries. Commenting on the launch of the inquiry, Nicky Morgan MP, chair of the Treasury Committee, said ‘The UK may converge, seek equivalence, or diverge from the EU. As part of our new inquiry, the Treasury Committee will examine the risks and rewards of each of these choices’.

PRA 'broadly' prepared for Brexit, Chief Exec tells MPs

The United Kingdom's Prudential Regulation Authority (PRA) is ‘broadly on track’ in its preparations for Brexit in 65 days, as around 80 foreign banks and insurers applied to establish branches to preserve their operations in London, a senior official told lawmakers. Sam Woods, the PRA’s chief executive officer, sought to reassure Parliament’s influential Treasury Select Committee that the regulator was set for Britain to leave the European Union on March 29. ‘Broadly I think we are on track,’ Woods said. ‘We’ve expected for about the last 12 months now that the firms we’d have applying for that, split across banks and insurers, would be about 170…We’ve had about 80 in so far’.

FMLC comments on draft Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

The Financial Markets Law Committee (FMLC) published a letter to the Brexit Implementation Team at HM Treasury

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About the author:
Prior to joining LexisNexis in 2018, Raphael carried out work placements at Willkie, Farr & Gallagher (sat in Debt Finance) and Macfarlanes (sat in Banking and Finance), through which he was able to gain knowledge about a wide variety of financial products and services. Raphael recently graduated in Law from King’s College London where he took a particular interest in modules such as Finance, Credit & Security and Transnational Company Law. Raphael has also worked as a Paralegal at Axiom Stone Solicitors in Mayfair, where he was involved in a wide range of contentious matters.