Weekly highlights—8 March 2018

Weekly highlights—8 March 2018

Welcome to the weekly Financial Services highlights from the Financial Services team for the week ending 8 March 2018.

Brexit

EU free trade agreement must include financial services

At HSBC's headquarters in London, the chancellor of the exchequer, Philip Hammond, gave a speech on UK-EU co-operation on financial services post-Brexit. The key message in the speech was that the UK and the EU should continue to collaborate closely on cross-border financial services and that any future bespoke trade partnership agreement between the UK and the EU should contain financial services.

The City of London's Lord Mayor, Charles Bowman, said in a speech in Madrid that a bespoke free trade agreement covering financial services is of vital importance to the future relationship between the UK and the EU.

However, in a speech given at Chatham House in London on 6 March 2018, French finance minister Bruno Le Maire stated that France did not agree that financial services can be part of a free trade agreement between the EU and the UK following Brexit.

Michel Barnier outlines vision for ‘global Europe’ ahead of PM’s next Brexit speech

Following the release of the EU’s draft withdrawal agreement, European Commission chief Brexit negotiator Michel Barnier gave a speech at BusinessEurope Day 2018 setting out the EU’s priorities for a ‘global Europe’. Barnier reiterated the EU’s priority for the Brexit negotiations is to ensure an orderly withdrawal in accordance with the phased approach agreed in the original terms of reference. The first phase of these discussions culminated in the December joint report which has formed the basis of the EU’s draft terms of withdrawal.

ECB chief calls for action to ensure EU regulation of CCPs post-Brexit

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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.