Weekly highlights—7 December 2017

Weekly highlights—7 December 2017

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 7 December 2017.

Brexit

UK Finance and techUK call for post-Brexit deal on data protection

Two industry associations, UK Finance and techUK, called on the UK government and the EU to act quickly to prepare mutual adequacy agreements to enable the continuing protection for cross-border exchange of personal data between the two regions by customers and banks and other businesses following Brexit. Unless a new arrangement is agreed, they warn that transfers of personal data across Europe will be severely limited or stop, with potentially dire consequences for both economies.

Philip Hammond sets out strengths of London financial services sector

The Chancellor of the Exchequer, Philip Hammond, delivered a speech in which he said it was vital that London retained its global importance in financial services and that it was the government’s priority to achieve an outcome from the negotiations with the EU that maintains effective, mutual access to European markets. Mr Hammond said he wanted a relationship with the EU based on strong mutual respect and friendship, close collaboration on security, and the freest and most frictionless trade possible.

ESMA executive director discusses Brexit, MMFs and MiFID II

ESMA’s executive director, Verena Ross, delivered a speech at the ICI Global 2017 Capital Markets Conference, in which she discussed ESMA’s supervisory convergence work on Brexit, money market funds, MiFID II, and its 2018 plans on costs and charges of investment funds.

Financial Conduct Authority updates

FCA publishes quarterly consultation on Handbook changes

The FCA opened its quarterly consultation (CP17/39) on proposed miscellaneous amendments to its Handbook.

FCA policy development

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About the author:

Chris is a member of the New York Bar with more than two decades of experience as a financial services and capital markets lawyer in London. Before joining LexisNexis in 2016, Chris worked as a Senior Professional Support Lawyer at Linklaters LLP, supporting the firm’s market-leading Financial Regulation Group, with a particular focus on MiFID II. Chris also worked as Legal Analyst at Bloomberg, where he drafted analytical articles on EU, UK and US financial services law and regulation for Bloomberg journals and developed practical guidance content for the award-winning Bloomberg LAW legal research platform. Prior to that, Chris was a partner in the U.S. law group at Allen & Overy, advising issuers and underwriters on a wide range of capital markets and corporate finance transactions including SEC-registered and Rule 144A debt and equity offerings and mergers and acquisitions, as well as providing general U.S. securities law advice. He also co-founded the firm’s Microfinance Working Group and advised on a variety of matters including two landmark securitisations of loans to microfinance institutions.

Chris has written extensively on legal and regulatory issues for numerous publications and lectured on financial regulation, microfinance and capital markets.