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28 June 2018

Brexit Weekly

EBA hastens financial institutions's readiness for Brexit, BoE and Treasury's response, ICMA's open letter on cliff-edge risks in international capital markets, Brexit Contract Continuation Clause, German investment body calls for ‘unhindered access’ to the City, BofA moves out of London and more.

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  Articles from 21 June 2018 - 28 June 2018

  Brexit & UK
EBA publishes opinion to hasten the preparations of financial institutions for Brexit
In this Opinion, the EBA asks Competent Authorities to ensure that financial institutions take practical steps now to prepare for the possibility of a withdrawal of the UK from the EU with no ratified Withdrawal Agreement in place, and no transition period.   View Article
Financial Times: BoE hits out at Brussels over post-Brexit plans
The Bank of England has fired shots at Brussels and European bank regulators in an increasingly acrimonious dispute over preparations by the financial sector for Brexit.  View Article
Financial Times: Hammond and Carney close ranks over financial services post-Brexit
Chancellor of the Exchequer and Bank of England's Governor moved towards common position on mutual recognition at their annual address at Mansion House.  View Article
Steven Maijoor addresses FESE Convention 2018 on MiFID II implementation
ESMA Chair Steven Maijoor spoke about ESMA’s assessment of the first months of MiFID II as well as issues identified in the area of secondary markets on which ESMA is intending to focus on in the coming months. He also touched upon the need for a third country regime for trading venues in MiFID II.   View Article
ICMA - An open letter to senior political leaders on 'Brexit: Cliff-edge risks in international capital markets'
ICMA’s members in the UK, Continental Europe and beyond have real and increasingly pressing concerns about the cliff-edge risks of Brexit, which would fragment international debt capital markets and damage business in the real economy and financial stability.  View Article
Commercial Risk Europe: London market unveils new Brexit clause to deliver contract certainty
The International Underwriting Association (IUA) said the Brexit Contract Continuation Clause will clarify how claims will be paid when the UK leaves the EU, regardless of whether a transition deal extends passporting rights.  View Article
UK Government: Financial services legislation under the EU (Withdrawal) Act
This publication sets out the government’s approach to bringing EU financial services legislation into domestic law under the EU (Withdrawal) Act.  View Article
The FCA’s role in preparing for Brexit
Further to the announcement from HM Treasury on its approach to amending financial services legislation under the European Union (Withdrawal) Act, this statement provides stakeholders with an update on how the FCA is preparing for the UK leaving the European Union.  View Article
Financial Times: French regulator rules out campaign to restrict UK fund managers
The French financial regulator has said it will not seek changes to “delegation” rules — a move that could have restricted UK fund managers serving overseas clients after Brexit.  View Article
Financial Times: German investment body calls for ‘unhindered access’ post-Brexit
The association representing German asset managers wants “unhindered access” to investment services provided by the City of London after the UK leaves the EU.   View Article
Council authorises opening of negotiations with WTO members on Brexit-related adjustments
In preparation for the UK’s withdrawal from the EU, the Council has authorised the Commission to open formal negotiations within the World Trade Organisation (WTO) on how to divide up existing EU tariff rate quotas (TRQs) between the EU27 and the UK.  View Article
Bloomberg: EU heavyweights will block UK single-market bid, Spain says
The European Union’s biggest countries will block any UK attempt to combine single market membership with immigration curbs, Spain’s foreign minister said, piling further pressure on Prime Minister Theresa May as she seeks to finalize her vision for the country’s post-Brexit ties with Europe.  View Article
City AM: EU business bosses prefer free trade agreement to customs union
EU business leaders would prefer a free trade agreement (FTA) with the UK after Brexit than a customs union, according to a survey.  View Article
The Guardian: EU is getting ready for no-deal, says Jean-Claude Juncker
The EU needs to be realistic about the dangerous state of the Brexit negotiations and is preparing to deploy its trillion-pound budget to cushion the bloc from the prospect of a no-deal scenario, the European commission president has warned.  View Article
Financial Times: Brexit to hold back productivity, says MPC member
Brexit is set to be the biggest factor holding back UK productivity growth, according to Ian McCafferty, an outgoing member of the Bank of England’s Monetary Policy Committee.  View Article
OMFIF: EU exit's colossal cost to UK economy
Long-term decline, not short-term crisis, is the core problem for Brexit Britain, predicts Joergen Oerstroem Moeller.  View Article
EY Financial Services Brexit Tracker: Firms forge ahead with contingency plans despite transition agreement
Since the Referendum vote, 34% of companies tracked have said they are considering or have confirmed they are moving some of their operations and/or staff from the UK to Europe.  View Article
The Telegraph: IMF chief: EU must prepare for London finance exodus post-Brexit
The head of the International Monetary Fund has warned the EU to prepare for an exodus of finance firms from London after Brexit, suggesting such a move will happen irrespective of the final deal struck.  View Article
Financial Times: BofA starts trading operation shift from London to Paris
Bank of America is accelerating its preparations for Brexit by relocating three senior UK-based executives to Paris, as it beefs up its investment banking operations in the French capital.  View Article
The Guardian: More firms may follow Airbus in Brexit threat, says CBI
The European aircraft maker Airbus could be the first of many firms to threaten to end its investment in Britain, putting tens of thousands of jobs at risk, if the government cannot provide urgent clarity on Brexit, the leading business lobby group has warned.  View Article
European Services Forum: Importance of Trade in Services in the EU-UK Future Relationship
The European service industries call on the Brexit negotiators to recognize the critical importance of trade in services in the EU-UK future relationship. Trade in services will have a central role in this relationship, they argue.  View Article
The Guardian: UK-focused firms have struggled since Brexit vote, analysis finds
Businesses that earn most of their profits abroad have benefited since the Brexit vote from an inflow of funds from investors at the expense of domestic companies that rely on sales in the UK, according to two separate analyses of the London stock market.  View Article
The Guardian: Foreign businesses to UK: solve Brexit or risk £100bn in trade
Business leaders from the US, Canada, Japan and India have told the British government to solve the Brexit issue urgently or put more than £100bn worth of trade at risk.  View Article
Bloomberg: EU businesses cut UK ties on Brexit and want Britain punished
Nearly half of 800 executives surveyed across six EU countries by law firm Baker McKenzie said their businesses had reduced investment in the U.K. since the Brexit vote, according to a report.  View Article
Financial Times: Bloc of Conservative MPs ready to thwart any no-deal Brexit
Over 50 Tory MPs are ready to block any attempt to crash Britain out of the EU without a deal — including some sitting ministers — according to senior Conservative politicians.  View Article
City AM: Brexit divorce bill at least £10bn higher than government estimate
Parliament's spending watchdog has warned the Brexit divorce bill for the UK could be at least £10bn higher than the £35bn-£39bn figure put forward Theresa May earlier this year.  View Article
Financial Times: Survey finds 48% of Brits support referendum on final Brexit deal
The Survation survey of 1,022 adults found almost half of respondents support a referendum on the final agreement to leave the bloc with 25% opposed to such a vote.  View Article
The Economist: Support for Britain’s exit from the EU is waning
For the past six months, all of YouGov’s polls have shown a clear lead for Remain over Leave. Their latest survey reported that 45% of respondents wanted to remain in the EU, 40% wished to leave, and the remaining 15% were undecided.   View Article

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