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ESMA issues principles on supervisory approach to relocations from the UK
The European Securities and Markets Authority has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom View Article |
Bloomberg: Draghi says clearing oversight after Brexit is `crucial' for ECB
The European Central Bank needs to maintain a firm grip in overseeing clearing of trades in euro-denominated financial instruments after Britain leaves the European Union, President Mario Draghi said. View Article |
Commercial Risk Europe: EIOPA to issue guidelines to prevent “race to bottom” on regulation
The European Insurance and Occupational Pensions Authority is to publish guidelines for national regulators in the EU, to prevent them from undercutting each other in trying to attract companies looking to move from London as a result of Brexit. View Article |
POLITICO: No quick Brexit, says EU
The European Commission spelled out in two new negotiating papers how, even when the United Kingdom officially leaves the European Union in March 2019, it will still be entangled in the EU’s financial and legal systems for years. View Article |
Financial Times: Europe cannot rely on US and faces life without UK, says Merkel
German chancellor Angela Merkel has signalled that Europe can no longer count on the US as a reliable partner, reflecting a new transatlantic rift that has emerged after two days of international summits with President Donald Trump last week. View Article |
CER: Why no deal would be much worse than a bad deal
Theresa May and several of her ministers have claimed that no Brexit deal would be better than a poor deal. They are wrong. The costs to the UK economy of failing to strike a deal would dwarf those of signing up to a bad deal. View Article |
Bloomberg: UK must honor EU obligations in Brexit, Germany's Spahn says
German Deputy Finance Minister Jens Spahn said the UK can’t escape its financial obligations to the European Union and called on British politicians to restrain harsh Brexit rhetoric that may make talks with the EU more difficult. View Article |
Andrew Duff: Brexit: time for Plan B
The Commission is already thinking about Plan B, and it is right to do so, writes Duff in EPC. If there is no Article 50 withdrawal agreement, the UK and the EU will have to start again from scratch. View Article |
Financial Times: EU residency rights should be upheld, says ECJ adviser
EU nationals should not face stricter residency rules if they become citizens of another member country, a legal adviser to Europe’s highest court has argued in proposals with potential Brexit implications. View Article |
Bloomberg: EU demands for citizens ‘ridiculously high,’ UK’s Davis says
Brexit Secretary David Davis said European Union demands to protect its citizens’ rights in the UK are "ridiculously high" and will be the first subject of negotiations to exit the bloc after next month’s election. View Article |
Financial Times: After Brexit: Let the haggling over treaties begin
FT research reveals that at least 759 agreements with 168 countries must be renegotiated just for the UK to stand still. View Article |
ACCA: Concerning lack of preparedness across global financial services
Uncertainty surrounding the outcome of Brexit negotiations is hindering global financial services’ ability to prepare, despite a substantial number identifying the process as a risk to their business, according to new research released by ACCA. View Article |
VoxEU: Brexit and systemic risk
This column argues that, while legal ‘plumbing’ and institutional and regulatory equivalence are of concern due to Brexit, systemic risk is more likely to fall due to increased financial fragmentation and caution by market participants in the face of uncertainty. View Article |
Investment & PensionsEurope: Majority of investors not planning to drop UK assets post-Brexit
The early political rhetoric surrounding Brexit has not persuaded most institutional investors to drop UK investments, according to a survey from State Street. View Article |
Financial Times: Regulator demands detailed Brexit plans from UK asset managers
The FCA has sent letters to several of Britain’s largest asset management companies requesting detailed information about their Brexit contingency plans as concern mounts about the impact of the EU divorce process on the City of London. View Article |
Financial Times: Asset managers fine tune Brexit contingency plans
Britain’s departure from the EU has pushed many of the UK’s largest investment companies to take action to protect their businesses even before formal negotiations over the terms of Brexit begin. View Article |
Investment & PensionsEurope: German regulator to hold Brexit workshop for UK asset managers
Germany’s financial supervisory authority is opening its doors to British asset managers as the UK and EU prepare to negotiate the terms of Brexit. View Article |
The Times: Poll firm predicts shock losses for Theresa May’s Tories at general election
The Conservative Party could be in line to lose 20 seats and Labour gain nearly 30 in next week’s general election, according to new modelling by YouGov. View Article |
Money Week: What the party manifestos say about Brexit
With the general election less than a fortnight away, Matthew Partridge focuses on what the parties say about Brexit and Britain’s (and Scotland’s) future relationship with the EU. View Article |
City AM: There is a "real opportunity" for UK businesses to build non-EU relationships after Brexit
Brexit could create a “real opening” for UK businesses to develop closer trading ties with non-EU economies, according to S&P Global Ratings. View Article |
ACCA: Next government must work with professional bodies to internationalise trade
In the lead-up to the UK General Election, ACCA has advised the next government to utilise the soft power of UK plc and professional bodies to secure optimal trade opportunities. View Article |
Financial Times: NHS faces £500m bill for UK expats after Brexit, says report
Expat pensioners returning to the UK for medical treatment could cost the National Health Service an extra £500m a year if reciprocal health agreements are withdrawn after Brexit, the Nuffield Trust has warned. View Article |
British twentysomethings still in love with Europe
A large majority of Britain’s younger voters chose Remain, and now they will arguably suffer the most from the Brexit they voted against. View Article |