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03 May 2018

Brexit Weekly


Parliament's briefing on third country equivalence in EU banking and financial regulation, Commission and HM Treasury ask the ECB and the Bank of England to convene a technical working group on post-Brexit rules, Britain’s future customs relationship with the EU postponed and more.

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  Articles from 26 April 2018 - 03 May 2018

  Brexit & UK
 
 
European Parliament: Third country equivalence in EU banking and financial regulation
The focus of this briefing is on the supervisory and regulatory regime for banking and financial services provided on a cross-border basis by third country firms in the EU under equivalence regimes. It also gives an overview on the possible role of equivalence regimes in the context of Brexit.  View Article
Financial Times: EU steps back from tough new fund management rules
The EU has stepped back from one of the toughest aspects of new plans that would restrict the UK’s £8tn fund management industry from providing services to overseas clients.  View Article
ECMI: A proportional prudential regime for investment firms
Possibly facilitated by the perspective of Brexit, the European Commission has proposed, for the first time, a truly proportional regime in its new prudential framework for investment firms, writes General Manager of ECMI Karel Lanoo.  View Article
Bank of England: EU Commission and HM Treasury ask the European Central Bank and the Bank of England to convene a technical working group
The UK's Treasury and the Commission have asked the BoE and the ECB to convene a technical working group on risk management in the period around 30 March 2019 in the area of financial services.   View Article
Financial Times: Michel Barnier quashes UK hopes of special access to EU markets
Michel Barnier told a financial industry conference in Sofia that claims by Bank of England governor Mark Carney and other UK officials that “the EU desperately needs the City of London” were false.  View Article
Bloomberg: Deutsche Bank extends Brexit client migration to 2019
Deutsche Bank AG is slowing down its Brexit preparations due to the agreed transition period, according to a person familiar with the decision and an internal memo seen by Bloomberg.  View Article
The Irish Times: Theresa May postpones customs decision after ministers disagree
Theresa May has postponed a decision on Britain’s future customs relationship with the European Union, asking officials to draw up revised proposals after her senior ministers failed to agree a common approach.   View Article
The Telegraph: Government at risk of 'collapse' as May warned by 60 Tory MPs Brexit customs partnership will sink her
Theresa May has been warned her government will "collapse" if she does not abandon plans for a post-Brexit customs partnership with the EU.  View Article
Bloomberg: Deutsche Bank urges post-Brexit contract fix that EU rejected
Europe needs to urgently address the risk that Brexit poses to trillions of dollars of financial contracts, Deutsche Bank AG’s head of regulation said after European Union authorities indicated that they wouldn’t take action.  View Article
The Guardian: Fresh Lords Brexit defeat for government makes 'no deal' less likely
The government has suffered a heavy defeat on a crucial Lords vote that could pave the way for parliament to send ministers back to the Brussels negotiations if MPs vote down Theresa May’s Brexit deal.  View Article
The Guardian: Michel Barnier: Brexit talks at risk of collapse over Irish border
The EU’s chief Brexit negotiator has warned that talks are at risk if the UK does not soften its red line on the Irish border issue.  View Article
Michael R. Bloomberg: A Brexit Choice Between Bad and Worse
The prime minister's position is politically understandable, yet entirely indefensible, writes Bloomberg co-founder.  View Article
The Telegraph: UK faces 'binary choice' of deep trade relationship with EU or US, MP report says
The UK is facing a binary choice between a deep trading relationship with the EU or the US, according to a report from MPs on the International Trade Committee (ITC).  View Article
The Independent: Britain set to offer EU immigration deal 'very similar' to free movement
Britain is set to make an offer to the EU on future immigration which would see arrangements “very similar” to current free movement rules put in place after Brexit, The Independent has learned.  View Article
AFME: Effective flow of personal data post-Brexit
The impending departure of the UK from the EU creates significant uncertainty as to the ability of businesses, including banks and investment firms, to continue to transfer personal data between the EEA and the UK post-Brexit, argues AFME in its latest report.  View Article
Brexit: MEPs concerned over EU citizens’ registration process
MEPs sent a letter to UK Secretary of State raising concerns about the online application system to register the 3.5 million EU citizens living in the UK after Brexit.  View Article
The Guardian: Support grows for cross-party plans to prevent ‘no deal’ Brexit
A group of MPs and peers has been carefully crafting new laws that will hand parliament guaranteed powers to soften any deal and send the government back to the negotiating table.  View Article
The Guardian: Voter confidence that Brexit talks will end successfully at new low, poll suggests
ICM has asked voters a third time since October if they thought the Brexit negotiations would end successfully or unsuccessfully.  View Article
 

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