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07 July 2016

Brexit 'Weekly'


ECB, IORPs II, Bank of England, European Council, Brexit, ECON, anti-money laundering and more.

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Graham's Articles, Comments & Speeches
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  Articles from 30 June 2016 - 07 July 2016

  Grahams Articles, Comments & Speeches
 
 
Stiff Upper Lips at the Bank of England: July Financial Stability Report
Graham Bishop reviews the Bank of England July Stability Report.  View Article
 
  Political
 
 
Bank of England: Financial Stability Report, July 2016
The BoE's FSR states that "there is evidence that some risks have begun to crystallise. The current outlook for UK financial stability is challenging."  View Article
Reuters: ECB calls for urgent roadmap on Britain's plans to leave EU
Two of the European Central Bank's top policymakers pressed Britain to provide a clear-cut plan for leaving the European Union, to prevent more economic damage.  View Article
Final remarks by President Donald Tusk to the European Parliament plenary session
The Council President stated that negotiations won't start before the UK government has notified the Commission about its intention to secede from the European Union. He also asked the member states to respect the EU institutions and to work for their common interest.  View Article
Report by President Donald Tusk to the European Parliament on the European Council and the informal meeting of 27 EU leaders
Council President first explained the Council discussions on the migration crisis, cyber threats and digital and capital markets. Tusk then turned to the political consequences of the UK referendum and said that the EU-27 will continue its political reflection on the EU in September.  View Article
Opening statement by Vice President Dombrovskis at the consultation with the European Parliament's Committee on Economic and Monetary Affair
The new Commissioner for Financial Stability, Financial Services and the Capital Markets Union gave a speech focusing on Brexit, Banking Union, policies related to deepening EMU and building a Capital Markets Union.  View Article
Lord Mayor of London: There’s no reason London can’t stay the number one global financial centre outside the EU
Jeffrey Mountevans writes in City AM that, in order to remain the number one global financial centre, the UK has to retain access to the Single Market and maintain its reputation for openness and internationalism.  View Article
John McFarlane speech at TheCityUK Annual Conference 2016
TheCityUK chairman outlined the specific outcomes the UK's financial services lobby want from the upcoming EU negotiations.  View Article
Bruegel: Lost passports: a guide to the Brexit fallout for the City of London
If the UK cannot secure a ‘Norway’ deal and stay within the internal market, the UK will lose passporting rights for financial services and access to euro clearing and settlement, both of which make London attractive as a financial centre.  View Article
The Economist: From folly to fragmentation
Britain’s vote to quit means an uncertain future for the financial capital of Europe.  View Article
City AM: Post-Brexit passporting questions hang over fintech too
The question of passporting hangs over fintech startups as well as banking in a post-Brexit world.  View Article
BCC: Business groups call for clear leadership and action following EU vote
The five leading business groups (British Chambers of Commerce, Confederation of British Industry, Federation of Small Businesses, Institute of Directors, and EEF, the manufacturers organisation), write a joint letter calling for leadership and action.  View Article
VerfassungsBlog: Everything you need to know about Article 50 (but were afraid to ask)
Andrew Duff's comprehensive guide to Article 50 of the Treaty on European Union (TEU), a clause which provides the only way out of the European Union for a member state and should be deployed as soon as possible to end up the political and constitutional crisis that Brexit has triggered in Europe.  View Article
Financial Times: The 9 ways Brexit will affect foreign banks
Uncertainty costs could be outweighed by move to cheaper locations.  View Article
BBC: Standard Life suspends trading in UK property fund
Standard Life Investments has suspended trading in its UK property fund blaming "exceptional market circumstances" following the EU referendum result.  View Article
PensionsEurope comments on the result of UK referendum on EU membership
The UK Pensions and Lifetime Savings Association remains an important and valued member of PensionsEurope.  View Article
Open Europe: Britain must think in grander terms to reach new European settlement
If politicians simply return to a narrow debate about how much control the UK can secure over migration in return for continued trade access to the EU’s single market, it is difficult to see how there will be a different result other than further stalemate.  View Article
Martin Wolf: How Europe should respond to Brexit
Is the best way to preserve the bloc to make it a prison, rather than a desirable place of refuge?  View Article
Paul Goldschmidt: The reform of the European Union or how to square the circle!
The current state of affairs, in which the centre of power resides within the European Council sandwiched between the Member States and the supranational bodies of the Union, has clearly outlived its effectiveness.  View Article
VerfassungsBlog: Political Reductionism at its Best: the EU Institutions’ Response to the Brexit Referendum
This rushed and laid back type of approach taken by the EP and the Commission towards the UK secession from the EU risks neglecting the complex nature of this crisis, writes Giuseppe Martinico.  View Article
 
  Economic
 
 
Commission strengthens transparency rules to tackle terrorism financing, tax avoidance and money laundering
The Commission adopted a proposal to further reinforce EU rules on anti-money laundering to counter terrorist financing and increase transparency about who really owns companies and trusts.  View Article
ACCA response to EU Anti-Money Laundering Directive
ACCA supports the amendments brought to the fourth anti-money laundering Directive as well as the related revision of the Directive on Administrative Cooperation in the field of taxation.  View Article
 

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