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15 February 2018

Brexit Weekly


Article 50 negotiations, ESMA's 2018 Work Programme for CRAs, trade repositories and third country CCPs, ‘delegation’ rules post-Brexit, Citigroup, Northern Ireland, trade deals after Brexit and more.

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  Articles from 08 February 2018 - 15 February 2018

  Brexit & UK
 
 
Press statement by Michel Barnier following this week's round of Article 50 negotiations
The EU's top Brexit negotiator was surprised by the UK's disagreements with the EU over "a number of areas" Barnier consider substantial, and said that "the transition period [...]is not a given."  View Article
ESMA publishes 2018 Work Programme for CRAs, trade repositories and third country CCPs
ESMA published its 2017 Annual Report and 2018 Work Programme setting out its main supervisory activities for CRAs, TRs and TC-CCPs in the EU.  View Article
POLITICO: EU finance official: UK will have to survive as third country
The UK will not be part of the single market after it officially exits the EU and will have to access clients in the bloc like any other “third country,” a senior European Commission financial services official said.  View Article
Andreas Dombret: The future relationship between Germany and the UK in finance after Brexit
The Member of the Executive Board of the Deutsche Bundesbank discussed the odds of something more than no deal happening in the Brexit talks, and what pragmatic approaches to a "no deal" on financial services are feasible.  View Article
Bloomberg: Brexit banks must pick EU base by June, German official says
Banks that want to open or expand a base in the European Union after Brexit should apply for licenses by the end of June, according to Bundesbank Executive Board member Andreas Dombret.  View Article
Financial Times: BoE’s Cunliffe warns of fallout from changing ‘delegation’ rules post-Brexit
A deputy governor of the Bank of England has warned that Brussels’ plans to shake up the rules governing asset managers after Brexit could cause wider fragmentation in financial markets and raise costs.  View Article
ACCA: SMEs not prepared for Brexit
A new study commissioned by the Association of Accounting Technicians (AAT) and ACCA (the Association of Chartered Certified Accountants) reveals that most MPs (51%) do not believe British Small and Medium Enterprises (SMEs) are ready for Brexit.  View Article
Financial Times: Brussels warns UK asset managers of post-Brexit shutout
Brussels has issued a stark Brexit warning to the asset management industry, telling fund companies to act now or face potential market shutout when the UK leaves the EU next March.  View Article
Financial Times: UK fund manager pay suppressed by Brexit uncertainty
Pay for UK asset management employees flatlined last year in a sign of how uncertainty around Brexit has left fund houses reluctant to boost salaries, even while investment professionals globally received bumper rises.  View Article
POLITICO: Brexit cracks Europe’s capital markets vision
To build an effective CMU, Brussels may need to let the UK retain a role post Brexit, writes Fiona Maxwell.  View Article
Insurance Europe: How to avoid Brexit disruption to insurance customers
Insurance Europe published two position papers relating to Brexit. The first paper calls for a transitional arrangement that would help avoid a cliff-edge scenario. The second paper relates to the transfer of personal data between the EU/EEA and the UK post-Brexit.   View Article
Financial Times: Citigroup to set up innovation centre in London
US banking giant Citigroup is setting up an innovation centre in London in one of the first strategic investments by a big US bank in the British capital since the Brexit vote.  View Article
POLITICO: Theresa May’s plan for ‘immediate’ break with EU after Brexit
The UK government is drawing up plans to rethink trade policy and regulation of agricultural subsidies and financial services.  View Article
The Times: Hard Brexit could cost Ireland €5.5 billion over 2 years
A hard Brexit could cost the Irish economy more €5.5 billion over the next two years, a government-commissioned report has said.  View Article
The Guardian: Brexit plan to keep Northern Ireland in customs union triggers row
Officials from the UK and EU are drawing up a plan to in effect keep Northern Ireland in the customs union and the single market after Brexit in order to avoid a hard border.  View Article
Financial Times: European businesses expect UK soft Brexit, Survey suggests
A survey of more than 2,500 senior executives in the UK, France, Germany and Spain found that a majority of companies believe that Britain’s future relationship with the EU will maintain principles such as the free movement of people and oversight by the European Court of Justice.  View Article
UK Home Affairs Committee: Immigration system unprepared for Brexit
The Committee criticised the delays to the Immigration White Paper and warns of serious problems for immigration service delivery and border security as a result of lack of decisions, proper planning or sufficient resources, in its report into Home Office delivery of Brexit: immigration.  View Article
Irish Times: Britain to world: please pretend we are not leaving EU
A “technical note” prepared by the British government calls on non-EU nations to treat the UK during its post-Brexit transition period after March 2019 as if it was still covered by more than 700 treaties Brussels has struck with third countries on everything from fishing rights to data sharing.  View Article
The Economist: After Brexit, which trade deals should negotiators prioritise?
Britain already has around 40 free-trade agreements through its membership of the EU. None will survive Brexit automatically. Deal preservation lacks the glamour of deal creation, but it is a more urgent task.  View Article
Uniting for a Great Brexit: Foreign Secretary's speech
Foreign Secretary Boris Johnson set out the path for an "outward-facing, liberal and global Britain" following the UK exit from the EU.  View Article
LSE: Britain’s best Brexit bet is the Jersey option
Philippe Legrain argues that the Jersey option would give Britain a degree of regulatory freedom while minimising the disruption to trade with the EU.  View Article
Bloomberg: If Brexit means Brexit, little-known court offers non-ECJ option
Carl Baudenbacher, the departing president of the EFTA court, said the U.K. could keep some of the EU’s benefits without losing national sovereignty by “docking” at his own institution after turning its back on the EU’s Court of Justice.  View Article
Financial Times: Where Brexit hits hard, a customs union will help
The regions of the UK that voted to leave have the most to lose, in the FT's view.  View Article
The Independent: Brexit: Official document raises prospect of tampering with workers' rights to boost economy
Government officials have raised the prospect that hard-won workers’ rights could be reviewed by the Government after Brexit in an attempt to boost Britain’s economy, The Independent can reveal.  View Article
The Sun: Britain to be free of Brussels on New Year’s Eve 2020 – three months early
UK Brexit crunch team are to agree to a shorter exit transition period than the original two years asked for by Theresa May, The Sun reveals.  View Article
 

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