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Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 8 December 2016.
On 30 November 2016, the UK Supreme Court released details ahead of the hearings on the government’s Article 50 appeal. Information published included logistical arrangements, case summaries and links to the parties’ cases and submissions, as well as details of the issues arising in the Northern Ireland judicial review cases referred to the Supreme Court. A full timetable for the hearings was also available.
On 5 December 2016, senior government ministers met with executives from the financial services industry to discuss opportunities and challenges presented by the UK’s decision to leave the EU. Chancellor of the Exchequer, Philip Hammond, and the Secretary of State for Exiting the EU, David Davis, co-chaired the roundtable discussion.
On 6 December 2016, the Financial Markets Law Committee (FMLC) published a paper which considers issues of legal uncertainty arising in consequence of Brexit in the areas of cross-border commercial litigation, choice of law clauses in financial markets contracts, the jurisdiction of English courts under an English choice-of-court agreement and the enforcement of English judgments.
On 6 December 2016, the chairman of the Treasury Committee, Rt Hon, Andrew Tyrie MP, responded to remarks of the EU’s chief negotiator for Brexit, Michel Barnier. In a press conference also on 6 December 2016 Mr Barnier warned that ‘time will be short’ to conduct the negotiations and that the UK could not ‘cherry pick’ on issues such as access
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