Weekly highlights—9 February 2017

Weekly highlights—9 February 2017

Welcome to the weekly Financial Services highlights from the Lexis®PSL Financial Services team for the week ending 9 February 2017.

Brexit

FMLC calls for staged transitional arrangements on Brexit

On 3 February 2017, the Financial Markets Law Committee (FMLC) published a letter, dated 31 January 2017, which called for post-Brexit transitional arrangements in the financial services sector to avoid the risk of a ‘hiatus’ between membership and the third country regime. In the letter to the chair of the Treasury Select Committee, Andrew Tyrie MP, the FMLC warns that any such arrangements must be designed with the World Trade Organisation rules in mind.

Regulatory architecture

Collection of Fines etc (Northern Ireland Consequential Amendments) Order 2017

SI 2017/Draft: The Courts Act 2003 is amended so as to enable Her Majesty’s Revenue and Customs (HMRC) to disclose financial information to a court in Northern Ireland or to a collection officer under the Justice Act (Northern Ireland) 2016 (JA(NI) 2016).

FSB releases work plan for 2017

On 6 February 2017, the Financial Stability Board (FSB) prepared a briefing giving an overview of issues on the FSB’s work plan for 2017, ahead of a visit from members of the European Parliament's Committee on Economic and Monetary Affairs (ECON) on 13 February 2017. The briefing says the FSB will continue to focus on macro-financial developments and structural weaknesses in the financial system.

ESCB Legal Conference 2016 proceedings published

On 7 February 2017, the European Central Bank (ECB) made available the 350-page proceedings of its October 2016 European System of Central Banks (ESCB) Legal Conference. The document covers legal developments and challenges related to the activities of the Eurosystem and of the Single Supervisory Mechanism.

ESMA 2017 Risk Assessment Work Programme

On 7 February 2017,

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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.