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05 October 2017

Brexit Weekly

European Parliament's 'no sufficient progress' on Brexit, clearing after Britain's withdrawal, MiFID II, Brexit transition, citizens' rights and more.

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Brexit & UK   About this email

  Articles from 28 September 2017 - 05 October 2017

  Brexit & UK
European Parliament: Brexit: tangible progress still needed on withdrawal terms
Sufficient progress on the EU’s priority aims, a prerequisite for negotiating any transition period or future relationship between the EU and UK, has not been achieved, MEPs said.  View Article
Press statement by Michel Barnier and David Davis following the fourth round of Article 50 negotiations with the United Kingdom
The top EU Brexit negotiator said May's Florence speech had created a "new dynamic" but that both parts are still "not yet there in terms of achieving sufficient progress". Britain's Brexit minister said they "have made important progress and capitalised on the momentum created by the PM’s speech."  View Article
Commission backs greater European Central Bank regulatory powers for clearing systems to fulfil its monetary policy responsibilities
The European Commission issued a favourable opinion on the ECB's recommendation, in which the ECB asked for a greater role in regulating clearing systems for financial instruments, for example with regard to central counterparties (CCPs), by proposing to amend Article 22 of its Statute.  View Article
Bloomberg: As MiFID jolts derivatives, Hong Kong eyes $483 trillion market
HSBC and Standard Chartered, two of Europe’s largest banks, have already started shifting portions of their derivatives books to the former British colony, according to people familiar with the matter.  View Article
The Guardian: EU transition deal is needed quickly to stop City firms leaving UK, says Bank official
Sam Woods, deputy governor at the Bank of England, says firms would activate Brexit contingency plans if there is no deal on transitional period by Christmas.  View Article
Bloomberg: Banks’ Brexit moving costs are seen topping $500 million each
Banks poised to channel hundreds—if not thousands—of employees out of the UK expect their Brexit bills to reach $500 million or more, according to people with knowledge of firms’ contingency planning.  View Article
Investment & Pensions Europe: UK sets up asset management taskforce in Brexit-fuelled action plan
The UK government is establishing an asset management task force of industry CEOs to help meet challenges posed by Brexit.  View Article
ICAEW: Financial reporting implications of Brexit
The ICAEW has published a report 'Brexit: implications for financial reporting'. In this report the ICAEW emphasises the economic importance of financial reporting and suggests that the implications of Brexit for financial reporting have not yet attracted sufficient public debate.  View Article
Bloomberg: As Brexit transition tears Tories, one deal maybe not enough
Britain will have to ask the European Union for two back-to-back transition deals to ease its exit in 2019, according to Charles Grant, director of the Centre for European Reform research institute.  View Article
Paul N. Goldschmidt: “Brexit” - The Trap of the Transition Period!
The arguments over the “transition period” may turn out to be essentially a diversion aimed at papering over the growing internal infighting within the Conservative party and its fear of offering 10 Downing Street to Labour on a silver platter, writes Paul N. Goldschmidt.  View Article
Bloomberg: May’s Brexit budget offer is conditional on trade, officials say
The UK will leave a 20 billion euro hole in the European Union’s budget unless the bloc agrees to give Theresa May the sweeping Brexit trade deal she wants, according to senior British officials.  View Article
Andrew Duff: Brexit: Sufficient unto the day
Following Theresa May’s speech in Florence and the fourth round of talks, Andrew Duff takes stock of the progress made and the prospects for the October meeting of the European Council.  View Article
Joint CBI / TUC statement on citizens' rights
The CBI and the TUC have called for urgent action by the UK Government and EU negotiators to guarantee citizens’ rights after March 2019.   View Article
The Guardian: Britons in EU hail May’s ‘big step forward’ on residency rights
Campaigners urge EU to reciprocate PM’s offer not to remove right to stay from EU citizens in UK if they leave for two years.  View Article
Bloomberg: Fox says the US will likely be among Britain’s first trade deals after Brexit
Britain is likely to forge its first post-Brexit trade deals with the US, Australia and New Zealand, International Trade Secretary Liam Fox said, declaring his department up to the task.  View Article
Bloomberg: A Hard Brexit could sting the UK’s auto, tech and health sectors
Britain’s automotive, technology, health-care and consumer goods sectors may lose 17 billion pounds a year in export revenues when the UK leaves the single market and customs union, according to a report released by a Chicago-based law firm. The sectors account for 42% of the UK’s manufacturing GDP.  View Article
L'Echo: What would a hard Brexit mean for small countries?
L'Echo argues that in relative terms, it will be small EU countries like Ireland, Malta, the Netherlands and Belgium that would have the most to lose from a hard Brexit when compared to countries such as Germany.   View Article
Lords Select Committee: Parliament not Ministers should decide level of scrutiny of Brexit secondary legislation
The House of Lords Delegated Powers and Regulatory Reform Committee has published its first report on the European Union (Withdrawal) Bill.  View Article
University of Warwick: Brexit was caused by feelings: older voters not to blame
Using just-released data, the researchers show that it was people’s feelings about their own finances that led to Brexit, and that Brexit was not forced on the UK by older voters.   View Article
OMFIF: UK should expect no help from Germany
The options for Merkel are either to prioritise strengthening her EU partnerships or to expend political capital to help Britain procure a UK-friendly Brexit. European integration trumps Brexit, writes Joergen Oerstroem Moeller.  View Article

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