Financial Services Update – Q1 2020

Financial Services Update – Q1 2020

 

As part of our sector-focused series, we have curated the key resources and points you need to know from this quarter’s legal updates. Understand the key news stories, practice notes, timelines and upcoming webinars specific to the Financial Services sector. 

 

The UK has left the EU: What does this mean for financial services?

The UK left the EU on 31 January 2020 and has now entered into an implementation period that is due to end on 31 December 2020. During that time, the UK will remain subject to EU financial services legislation, and EU passporting arrangements will continue to apply in the UK. This analysis considers what Brexit means for financial services during the implementation period and beyond.

We are now in an implementation period. What happens now? Read more…

 

Enforcement Trends for 2020: Interview with Sara Cody

Financial Services analysis: Sara Cody, Counsel PSL in the Financial Regulation Group at Linklaters, and a consulting editor of LexisPSL Financial Services, outlines the priorities for FCA Enforcement in the year ahead, considers the impact of the Senior Managers & Certification Regime (SM&CR) and discusses trends in FCA investigations. 

What do you see as the key focus for FCA Enforcement in 2020?

Key areas of focus in the coming year are likely to include operational resilience and cyber-security, along with anti-money laundering (AML) and a continued focus on culture. Read more…

 

5 key news stories

 

UK priorities for its future relationship with the EU—financial services (LNB News 28/02/2020 61)

The UK government’s position paper outlining its priorities and approach for negotiations on its future relationship with the EU, published on 27 February 2020, included a proposal in general terms on how financial services should be covered in the Comprehensive Free Trade Agreement (CFTA) to be negotiated with the EU, using the EU-Canada Comprehensive Economic and Trade Agreement (CETA) and the EU-Japan Economic Partnership Agreement (EPA) as models. Equivalence in financial services was covered separately in a section on technical and other processes beyond the scope of the future relationship negotiations.

SM&CR: FCA updates Directory Persons webpage (LNB News 11/02/2020 64)

The Financial Conduct Authority (FCA) has updated its Directory Persons webpage, setting out information for

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About the author:

Amy leads the thought leadership and content strategy for LexisNexis UK. Her work appears in LexisNexis' marketing campaigns, industry press and legal industry magazines. She is an established writer and researcher, having contributed in national publications, such as City A.M. and Financial IT. She is also one of the writers and digital editors of LexisNexis' insights blogs, the Future of Law and the In-house blog.