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28 February 2019

Brexit Weekly

EU toughens rules for third-country investment firms, UK and US authorities agree on continuity of derivatives trading and clearing post-Brexit, BOE steps up Brexit buffers for banks, FCA releases updated guidance on EU departure, Brexit could be delayed until 2021, May delays meaningful vote.

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  Articles from 21 February 2019 - 28 February 2019

  Brexit & UK
Investment firms: Presidency and Parliament agree on a new regulatory and supervision framework
The objective of the reform is to adapt the requirements to the firm's risk profiles and business models while preserving financial stability. The deal will now be submitted for endorsement by EU ambassadors.  View Article
Joint statement by UK and US authorities on continuity of derivatives trading and clearing post-Brexit
Market participants can be assured of the continuity of derivatives trading and clearing activities between the UK and US, after the UK’s withdrawal from the EU, following this joint statement by the Bank of England including the Prudential Regulation Authority, FCA and CFTC.  View Article
Bloomberg: BOE steps up Brexit buffers as Carney presses no-deal warning
The Bank of England stepped up its defenses against a disruptive Brexit and Governor Mark Carney offered more warnings about the damage that a no-deal withdrawal from the European Union could do to the economy.  View Article
Financial Times: UK financial watchdog warns market at risk from no-deal Brexit
The UK’s top financial watchdog has said market disruption is still a risk if the UK crashes out of the European Union in 30 days’ time.  View Article
FCA releases updated guidance on EU departure preparations
The Financial Conduct Authority published updated information to help support regulated firms in finalising their preparations for as smooth a transition as possible when the UK leaves the EU.  View Article
The Guardian: Brexit could be delayed until 2021, EU sources reveal
Brexit could be delayed until 2021 under plans being explored by the EU’s most senior officials, at a time of growing exasperation over Theresa May’s handling of the talks, the Guardian can reveal.  View Article
POLITICO: Public backs Brexit extension — but only if it’s short
UK voters support a delay to Brexit, but only if it lasts no longer than three months, according to an exclusive POLITICO-Hanbury poll published ahead of a crucial showdown in the British parliament over the next steps in the Brexit process.  View Article
The Guardian: Theresa May delays meaningful vote on final Brexit deal
MPs may have to wait until 12 March for a meaningful vote on the government’s final Brexit deal, Theresa May has said in an intervention that will deepen splits in her cabinet.  View Article
Bloomberg: UK's Theresa May to consider delay to Brexit date
Theresa May is considering a plan to delay Brexit and stop the UK leaving the European Union with no deal next month, according to people familiar with the situation.  View Article
The Economist: Labour and the Tories change tactics on Brexit
Theresa May has offered Parliament a chance to stop the clock, while Jeremy Corbyn has raised the prospect of a second referendum.  View Article
The Guardian: Jeremy Corbyn: we’ll back a second referendum to stop Tory no-deal Brexit
Jeremy Corbyn has finally thrown his party’s weight behind a second EU referendum, backing moves for a fresh poll with remain on the ballot paper if Labour should fail to get its own version of a Brexit deal passed in Parliament.  View Article
Martin Wolf: A second Brexit referendum is now essential
Wolf makes the case for a People's Vote on the final Brexit deal, writing in the FT that, "if democracy means anything, it means a country’s right to change its mind."  View Article
Business Insider: Polls show Brexit regret is so strong that 'Remain' would win a second referendum by 9 points
There is now a nine-point majority that believes leaving the European Union was "wrong," YouGov found. It's the biggest majority against Brexit since the poll was instigated.  View Article
The Times: Poll shows Labour fall as Independent Group rises
Labour’s support has fallen below the combined total for the new Independent Group and the Liberal Democrats.  View Article
Financial Times: Jacob Rees-Mogg softens position on Theresa May’s Brexit deal
Mr Rees-Mogg told the Financial Times that he was no longer insisting that the contentious “Irish backstop” be scrapped as a condition for his support for Mrs May’s deal and was prepared to consider other legal fixes to ensure it did not become permanent.  View Article
The Guardian: Theresa May must go in three months, cabinet ministers say
Cabinet ministers will make it clear they believe Theresa May should step down after the local elections in May and allow a new leader to deliver the next phase of the Brexit negotiations, the Guardian understands.  View Article
The Guardian: Theresa May faces ministerial revolt over no-deal Brexit
Theresa May is facing the most serious cabinet revolt of her premiership next week, with as many as 25 members of the government ready to vote for a Brexit delay unless she rules out “no deal” – in a move that will challenge her to sack them.  View Article
The Guardian: Michel Barnier says there is high chance of 'accidental' no-deal Brexit
Michel Barnier has said he is more concerned than ever after a week of talks with Theresa May and the British negotiators that has left Brussels fearing an accidental no-deal Brexit in five weeks.  View Article
The Guardian: UK faces chaotic Brexit or extension of article 50, says Donald Tusk
Theresa May will not get her Brexit deal through the Commons, Donald Tusk has warned, leaving the UK with the option of “a chaotic Brexit” or an extension of its membership of the EU beyond 29 March.  View Article
EPC: Extending Article 50: One step too far for the EU?
The closer the UK gets to Brexit day the more likely it will be that an extension of the Article 50 period will be required to avoid a chaotic no-deal outcome. But despite the cost of this worst-case scenario, it is far from clear whether a substantive extension is in the EU27’s best interest.  View Article
The Telegraph: Government planning to pay billions to Brussels – even in event of no-deal Brexit
The Government is making plans to pay billions of euros to Brussels to settle large parts of the £39bn Brexit divorce bill even in the event of a ‘no deal’, the Telegraph can reveal.  View Article
The Guardian: Economy could be 9% weaker under no-deal Brexit, government says
The government has issued a bleak warning over a no-deal Brexit, estimating the UK economy could be 9% weaker in the long run, businesses in Northern Ireland might go bust and food prices will increase.  View Article
The Guardian: Brexit uncertainty slows economy and raises risk of job losses
Brexit gridlock has dragged the UK economy close to stalling point as growing numbers of companies pause their spending plans, raising the risk of job losses in future, according to a Guardian analysis of developments over the past month.  View Article
FRC: Accounting and audit 'no deal' letters
FRC and the Department for Business, Energy and Industrial Strategy (BEIS) have published letters for auditors and accountants to share information in case there is no deal for leaving the EU by Friday 29 March 2019.  View Article
Commercial Risk: Germany extends UK insurers’ passporting rights for 21 months under no-deal Brexit
Germany has adopted a provision to extend passporting rights for UK insurers in the case of a no-deal Brexit.   View Article
Bloomberg: Firing bankers in Germany is about to get easier in Brexit era
Germany is making it easier for lenders such as Deutsche Bank AG and JPMorgan Chase to fire top earners, adding flexibility for Frankfurt to lure financial companies unsettled by Brexit.  View Article
Financial Times: Property funds likely to halt trading, says rating agency
Fitch Ratings has warned that property funds could halt trading in the coming weeks as a result of Brexit-related market turbulence, leaving investors facing a potential liquidity crunch like that witnessed after the UK voted in June 2016 to leave the EU.  View Article
Financial Times: UK faces long wait for post-Brexit data deal, warns EU
The UK faces “years” before it is able to reach a data flows agreement with the EU, Europe’s top privacy official has warned.   View Article
Lords' European Union Committee draws special attention to three Brexit-related trade agreements
The report raises several concerns to the Government, including the fact that some major EU trade agreements, including with Japan and South Korea, are unlikely to be rolled over by 29 March 2019.  View Article
Will Hutton: The Japanese aren’t daft – that’s why they’re getting out of Brexit Britain
The decision to close Honda’s plant in Swindon signals the end of a profitable industrial relationship that was decades in the making, writes Hutton in The Observer.  View Article
Financial Times: Britain faces harsh truths about post-Brexit trade
The Britain emerging from post-Brexit trade arrangements will be significantly less, not more, open to the world — losing market access in Europe and striking trade deals elsewhere less favourable than it now enjoys. The nation will be poorer as a consequence, warns the FT.  View Article
Financial Times: Business warns Brexit delay poses problems of its own
British business leaders have welcomed Theresa May’s move to give parliament a say on a no-deal Brexit and the timing of the UK’s departure of the EU. But they have also warned that a delay of several months could confront companies with big logistical problems.  View Article
Audit&Risk: Companies focus on "defensive strategies"
Deloitte's latest CFO survey found that chief finance officers are now focusing more on cost reductions than at any other time in the past nine years. They are also more negative about the effects of Brexit on their own hiring and spending decisions.  View Article
The Guardian: Ireland steps up effort to shelter economy from no-deal Brexit
Ireland is accelerating preparations for a no-deal Brexit amid growing alarm that parts of the Irish economy could face severe disruption and even collapse – and that the UK hopes to leverage that prospect to wring concessions from the European Union.  View Article
Bertelsmann Stiftung: We’ll be fine. How people in the EU27 view Brexit
Whereas in the UK, the tension seems to intensify with every twist and turn the British take on their way out of the European Union, Europeans on the continent seem to be surprisingly detached. They support their country’s membership in the EU in ever greater numbers.   View Article

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