Weekly highlights—4 January 2018

Weekly highlights—4 January 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 4 January 2018.

Brexit

FMLC paper looks at impact of WTO rules on financial services post-Brexit

The Financial Markets Law Committee (FMLC) published a research paper on issues of legal uncertainty arising in the context of Brexit, in particular the application and impact of World Trade Organisation (WTO) rules on financial services. In the paper, the FMLC examines the future of the UK's cross-border trade with the EU and the potential impact of the WTO's rules.

Prudential Regulation Authority updates

PRA regulatory digest for December 2017

The Prudential Regulation Authority (PRA) published its regulatory digest for December 2017. This issue includes the Bank of England's (BoE) announcement on 20 December 2017 that it is consulting on an updated approach to authorising and supervising international banks and insurers, and is issuing guidance on its approach to international central counterparties. It also highlights the PRA's second consultation on improvements to the implementation of Solvency II, which was launched on 12 December 2017.

Regulated activities

Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) (Amendment) Order 2018

SI 2018/Draft: The Financial Services and Markets Act 2000 (Carrying on Regulated Activities by Way of Business) Order 2001 is amended to clarify the circumstances in which a person who carries on the specified activity of accepting deposits does not do so ‘by way of business’ where that activity is facilitated by a person operating an electronic system in relation to lending.

Prudential requirements

Amendments to capital requirements for securitisations under CRR published in the Official Journal

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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.