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04 October 2018

Brexit Weekly

ESMA's preparations in case of no-deal Brexit, MiFID II implementation, third country equivalence in EU banking, European banks mull leaving UK derivatives market, European Order post-Brexit, UK current-account deficit widens, most UK firms still unprepared for Brexit and more.

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Brexit & UK   About this email

  Articles from 27 September 2018 - 04 October 2018

  Brexit & UK
ESMA's Maijoor: The state of implementation of MIFID II and preparing for Brexit
Steven Maijoor outlined ESMA’s work towards the full and efficient implementation of MiFID II and its preparations in case of a no deal Brexit.   View Article
FCA: Rolling the rock: The cycle of deregulation, crisis and regulation
The FCA does not see the UK’s withdrawal from the European Union as an opportunity to join a race to the bottom in regulatory standards – quite the contrary, said Charles Randell, Chair of the Financial Conduct Authority.  View Article
European parliament: Third country equivalence in EU banking and financial regulation
This briefing provides an insight into the latest regulatory developments on equivalence in EU banking and financial regulation, including elements of the on-going ESA review, the Investment Firm Review, and EMIR 2.2 that are being discussed at the European Parliament and the Council.   View Article
Financial Times: UK finance gears up for post-Brexit moves to Europe
An increasing number of financial services companies in the UK are fleshing out plans to move operations or staff elsewhere in Europe because of Brexit, according to EY, the accounting firm.  View Article
Financial Times: European banks mull leaving UK derivatives market
European banks are considering whether to begin closing out their trillions of pounds’ worth of derivatives positions in London in the coming months as the UK struggles to finalise an agreement on leaving the EU.  View Article
Financial Times: Paris set to triumph as Europe’s post-Brexit trading hub
Paris is emerging as the favoured financial trading hub for continental Europe, as some of the world’s biggest banks and asset managers prepare for life after Brexit by steering their EU operations away from London to the French capital.  View Article
Bloomberg: Boris Johnson tells Tories to back May but chuck her Brexit plan
Boris Johnson won cheers at the UK Conservative Party’s annual conference with an attack on Theresa May’s Brexit plan, but stopped short of calling for her to be removed as prime minister.  View Article
The Guardian: MPs could still alter successful Brexit deal, researchers find
Analysis of parliamentary procedures on both sides of the Channel show that MPs could wave Brexit through but still force concessions during the process of putting it on the statute books. They could also make amendments to the withdrawal bill, which could amount to a rejection of the deal.  View Article
The Telegraph: Theresa May urged to set her departure date by ministers as they say she cannot fight next election
Theresa May is under pressure to set out a timetable for her departure after Cabinet ministers said it was now a question of “when, not if” she stands down as Prime Minister.  View Article
Paul N. Goldschmidt: Brexit: Failure of the negotiations is not an option!
Paul N. Goldschmidt takes a look at the proposals the EU is willing to consider for a future EU/UK trade deal and argues that a Free Trade Agreement on the Canadian model is the best possible option. Goldschmidt also makes the case for PM Theresa May to resign after achieving such an arrangement.  View Article
The Independent: 80% of Conservative supporters want Theresa May to stand down before next general election, survey finds
Theresa May's hopes of continuing as prime minister have been dealt a blow after a survey of Conservative supporters found 80 per cent think she should quit before the next general election.  View Article
Joschka Fischer: Brexit and the European Order
Since British voters opted to take their country out of the EU, the Brexit debate has focused largely on the economic consequences of that fateful decision. But Brexit's political implications for Europe's role in the world are far more important, writes the former German Vice Chancellor.  View Article
Bloomberg: UK current-account deficit widens ahead of Brexit
The UK current-account deficit widened more than economists forecast in the second quarter, raising fresh questions about the sustainability of the shortfall as Britain prepares for Brexit.  View Article
CER: The cost of Brexit to June 2018
The UK economy is 2.5 per cent smaller than it would be if the UK had voted to remain in the European Union. The latest update of the Centre for European Reform’s calculation of the cost of Brexit in the second quarter of 2018 shows the damage is growing even though the UK has yet to leave the bloc.  View Article
Bloomberg: Most UK firms are still unprepared for Brexit, survey finds
Most British firms are unprepared for Brexit, but a fifth plan to move all or some of their business to the European Union in the event the U.K. fails to reach a deal with the bloc, according to one of the biggest surveys so far on the topic, carried out by the British Chambers of Commerce.  View Article
Financial Times: Key London markets would be in the lurch under a ‘no-deal’ Brexit
Operators of the crucial market infrastructure that ensures that money flows around the world — from exchanges, and fixed income markets to clearing and settlement houses — are activating their plans for life outside the EU.  View Article
Bloomberg: UK businesses counts cost of Brexit before it's happened
The costs of Brexit are already mounting before the UK has even left the European Union, the country’s biggest business lobby group said.  View Article
The Guardian: Weak investment for entire year as UK firms show pre-Brexit jitters
UK companies cut their investments in Britain in the second quarter of 2018 amid mounting uncertainty over Brexit, marking the fourth consecutive quarter of weak spending by firms, according to government figures.  View Article
Bloomberg: Japan waves goodbye to UK as ‘gateway to Europe’ post-Brexit
A growing number of Japanese firms are heeding Tokyo’s ambassador to Britain’s warning in case things turn out badly for foreign investors, shifting operations out of the UK or threatening to scale back if the country crashes out of the EU without a deal.  View Article
POLITICO: Tax breaks won’t make UK more attractive to German business: study
The UK will become less attractive to German family-run businesses after Brexit, regardless of whether the government lowers its tax rate for business, according to a new study.  View Article
Fakt24: Brexit affects Poland
Fakt 24 features an article on the financial consequences on Poland of the United Kingdom's exit from the EU, with Poland set to lose gigantic sums.   View Article
The Guardian: May says EU immigrants will lose priority status after Brexit
EU citizens will no longer be given priority to live and work in Britain in a radical overhaul of immigration policy after Brexit, Theresa May has said, admitting Britons may in turn have to apply for US-style visas to visit and work in Europe.   View Article
ITV News: Jean-Claude Juncker warns no Brexit deal without agreement on the Irish border
European Commission president Jean-Claude Juncker has issued a new warning to Theresa May that there must be agreement on the Irish border if she wants a Brexit deal.  View Article
The Guardian: Referendum only way to heal Brexit divisions, says top German politician
The UK will only be able to reach a collective reconciliation after the disastrous divisions of the past two years if it holds a further referendum on any final Brexit deal, the German parliament’s foreign affairs committee chairman Norbert Röttgen has said.  View Article
The Times: ‘Wake-up call’ for Tories as business loses faith in party
The Conservatives are losing the support of business over Brexit, according to a poll of 1,000 company bosses and entrepreneurs.  View Article
The Guardian: New Plaid Cymru leader: no-deal Brexit could hasten Welsh independence
The newly elected leader of the Welsh nationalist party Plaid Cymru has said that a no-deal Brexit would lead to economic disaster for Wales and could strengthen the case for independence.  View Article

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