Weekly highlights—6 April 2017

Weekly highlights—6 April 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 6 April 2017.

Brexit

EU seeks to ensure UK's 'orderly withdrawal'

The main purpose of the Brexit negotiations will be to ensure the UK’s 'orderly withdrawal', the Council of the European Union emphasised in draft negotiating guidelines. The guidelines call for a phased approach to negotiations that ensures as much clarity and legal certainty as possible to 'citizens, businesses, stakeholders and international partners'. The Council has confirmed settling the status of EU and UK citizens will be a matter of priority. The guidelines also emphasise that negotiations seek to prevent a 'legal vacuum' for EU businesses trading with the UK. A financial settlement to settle the UK’s legal and budgetary commitments will be sought.

Inquiry into EU sanctions regime post-Brexit launched

On 31 March 2017, an inquiry into the EU sanctions regime post-Brexit was launched. How co-operation between the EU and UK on sanctions policy will occur following Brexit is one of the key issues in a the new EU External Affairs Sub-Committee inquiry. The inquiry will also look into the advantages of such co-operation and how the current sanctions regime is to be transposed into UK law. The committeewill hold oral evidence sessions for the inquiry in April and May 2017.

New schedules needed if UK trades with EU under WTO terms post-Brexit

On 31 March 2017, the House of Lords Library published a briefing note on the World Trade Organisation (WTO), which provides an overview of the WTO and considers how the UK would trade with the EU under WTO terms, if the UK left the EU without a trade deal. According to the note, the UK would need to negotiate a

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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.