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How will financial regulation evolve after Brexit?

Lords EU Financial Affairs Sub-Committee is holding a double evidence session this week

On Wednesday 18 October 2017 the House of Lords EU Financial Affairs Sub-Committee will take evidence from representatives of industry groups such as the City of London Corporation, UK Finance, International Regulatory Strategy Group, and the Association for Financial Markets in Europe.

The first panel is at 10.15am and the Committee will hear from:

  • Mark Hoban, Chairman, Flood Re and Chairman, ISRG
  • Rachel Kent, Partner, Hogan Lovells
  • Catherine McGuinness, Policy Chairman, City of London Corporation.

Questions the Committee is likely to ask include:

  • What the key priorities of the UK financial services sector are for regulation and supervision;
  • How these priorities differ across financial and related professional services;
  • What the legal options are for continued market access between the UK and EU;
  • What alternatives to equivalence exist;
  • How the EU (Withdrawal) Bill process will impact upon financial services.

The second panel is at 11.15am and the Committee will hear from:

  • Stephen Jones, Chief Executive, UK Finance
  • Simon Lewis, Chief Executive, Association for Financial Markets in Europe.

Questions the Committee is likely to ask include

  • How aligned the priorities and requirements of the UK and EU financial services sectors are on future regulation and supervision;
  • How deep industry support across the EU is for a future agreement on mutual access;
  • What the direction of travel is in EU financial governance;
  • Where divergence might arise between the two regimes;
  • Where there is scope for the UK to innovate on financial services regulation in future.

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.

The evidence session will take place at 10.15am on Wednesday 18 October 2017 in Committee Room 4A of the House of Lords.


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