LORDS

Lawyers give evidence on post-Brexit financial regulation and supervision

The City of London financial district
11 October 2017

On Wednesday 11 October 2017, the EU Financial Affairs Sub-Committee is taking evidence from law firms specialising in international corporate and commercial law.

Witnesses

Wednesday 11 October 2017 in Committee Room 4A, Palace of Westminster.

At 10:15am

  • Barnabas Reynolds, Partner, Shearman and Sterling
  • Jonathan Herbst, Global Head of Financial Services, Norton Rose Fulbright
  • Simon Gleeson, Partner, Clifford Chance

Likely areas of discussion

The Committee is examining how financial regulation and supervision can evolve following Brexit in order to ensure financial stability, and potentially to maintain equivalence or some other form of close relationship between the UK and EU regulatory regimes in order to preserve market access.

Questions the Committee are likely to ask include:

  • Whether the EU’s existing equivalence regime is a durable and appropriate basis for access
  • What the main legal obstacles are to an agreement on market access for financial services
  • What the options are for a transitional arrangement covering financial services
  • How the UK can engage more effectively with international standards-setting
  • The impact Brexit will have on the direction of EU financial governance, and how the UK has influenced the EU’s current financial services acquis
  • The scope for the UK to innovate on financial services regulation in future
  • The nature of the Commission’s current proposals to empower the European Supervisory Agencies, and what the possibility of the ESAs being given further powers might mean for the UK

Further information

Image: iStockphoto

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