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07 March 2019

Brexit Weekly

FCA Statements on MiFID in a post-Brexit Britain, joint trade associations letter requesting urgent action to adopt equivalence decisions, ESMA to recognise the UK Central Securities Depository in the event of no-deal, EBF dedicated page on preparedness for Brexit, BoE warns about panicky trading.

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  Articles from 28 February 2019 - 07 March 2019

  Brexit & UK
FCA: Statements of Policy on the operation of the MiFID transparency regime
FCA published Statements of Policy outlining how Britain will operate the MiFID transparency regime, if the UK leaves the EU without an implementation period.  View Article
Joint trade associations letter on the equivalence of UK trading venues
The letter requests urgent action by EU authorities to adopt equivalence decisions regarding UK trading venues under EMIR and MIFID in the event of the UK leaving the EU without a deal, explaining the impact on EU27 market participants and European derivatives markets of such a ‘no deal’ scenario.  View Article
EBA recommends maintaining protection of depositors in case of a no-deal Brexit
The EBA calls on the Deposit Guarantee Schemes Designated Authorities (DGSDAs) to ensure that depositors in the branches of the UK credit institutions in the EU are adequately protected by the EU deposit guarantee schemes (DGSs), in case of a withdrawal of the UK from the EU with no ratified agreement in place.   View Article
ESMA to recognise the UK Central Securities Depository in the event of a no-deal Brexit
ESMA announced that, in the event of a no-deal Brexit, the Central Securities Depository established in the United Kingdom – Euroclear UK and Ireland Limited – will be recognised as a third country CSD to provide its services in the European Union.  View Article
Bank of England and Financial Conduct Authority agree Memoranda of Understanding (MoUs) with EIOPA and EU insurance supervisors
The PRA, FCA and EIOPA announced that they have agreed Memoranda of Understanding regarding supervisory cooperation and information-sharing arrangements with respect to UK and EU/EEA insurance companies.  View Article
EBF: Are you ready for Brexit?
The European Banking Federation has launched a dedicated page on its website that brings together information from across Europe needed to support preparations for the withdrawal of the United Kingdom from the European Union at the end of March.  View Article
The Guardian: EU banks could face panicky trading after no-deal Brexit
The Bank of England has said that the failure of EU regulators to put in place measures to protect continental banks increased the risk of panicky trading on financial markets in the aftermath of a no-deal Brexit.  View Article
BBC: UK may slash trade tariffs under a no-deal Brexit
The UK government may cut trade tariffs on between 80% and 90% of goods in the event of a no-deal Brexit, reports say.  View Article
Bloomberg: Carney says UK is better prepared for no-deal Brexit
The UK has made “constructive developments” in preparing for a no-deal Brexit, though the economic impact of crashing out of the European Union would still be substantial, according to Bank of England Governor Mark Carney.  View Article
The Guardian: UK economy close to stalling amid Brexit uncertainty
The UK economy came close to flatlining last month as Brexit uncertainty intensified and the global economy weakened, with employment levels falling at the fastest pace in almost nine years.  View Article
PIIE: Brexit: Everyone loses, but Britain loses the most
This paper examines 12 economic simulation models that estimate the impact of Brexit. The UK’s GDP losses from a hard Brexit (reversion to World Trade Organization rules due to a lack of UK-EU agreement) range from –1.2 to –4.5 percent in most of the models analyzed.   View Article
The Guardian: Barnier 'working on legal add-on' to Brexit deal to help May
Michel Barnier has told EU ambassadors that he is having to repeatedly rebut British demands for a time limit on the Irish backstop but that he is working on a legal add-on to the Brexit deal to help the prime minister.  View Article
The Guardian: Labour could let May's Brexit deal pass in return for second referendum
Labour is moving towards a compromise plan that would allow Theresa May’s Brexit deal to pass but make clear that parliament “withholds support” until it has been put to a public vote, according to multiple party sources.  View Article
The Guardian: Any extension of article 50 must be a one-off, Brussels to insist
Brussels is to insist that any Brexit delay is a one-off, according to senior EU diplomats, setting the stage for Theresa May to present MPs with the choice of her deal or a chaotic no-deal exit this summer.  View Article
The Guardian: France will block Brexit delay without 'new choice' by UK
Emmanuel Macron has said France will block a Brexit delay unless there is a “new choice” by Britain, as Spain’s prime minister said that merely postponing the no-deal deadline would not be “reasonable or desirable”.  View Article
New Europe: German parliament objects to Article 50 delay that goes beyond May
The UK cannot extend Article 50 beyond the end of May unless the UK agrees to hold elections for the European Parliament, according to a legal opinion issued by the German parliament, the Bundestag.  View Article
Tony Blair: Europe can only give us more time if we have a clear Brexit plan
A new referendum will become essential when the true implications of leaving are made clear, writes the former UK Prime Minister in The Guardian.  View Article
The Guardian view on delaying Brexit: time to take part in the EU elections
Theresa May envisages only a short delay. But any extension of article 50 raises big issues that would take months to sort out, The Guardian's editorial board says.  View Article
Business Insider: The City of London is finally starting to believe that the UK will avoid a no-deal Brexit
Analysts and economists in the City of London are starting to virtually rule out the prospect of the UK leaving the European Union without a deal after a week in which two crucial developments in British politics seemingly lessened the likelihood of no deal.  View Article
BBC: Post-Brexit migration rules disastrous, say manufacturers
Proposed new post-Brexit immigration rules will "decimate" factory workforces, the UK's main manufacturing association has warned.  View Article
The Guardian: May 'did not understand EU when she triggered Brexit'
Theresa May and her circle of advisers did not understand how the European Union works, and consequently followed a negotiating strategy in 2016 that was doomed to fail, the former UK ambassador to the EU Sir Ivan Rogers has said.  View Article
Chatham House: The UK's European diplomatic strategy for Brexit and beyond
The article argues that the UK's future relationship with the EU will condition the UK's broader diplomatic approach to Europe.  View Article
Chatham House: Britain needs to decide what it wants from China
British Chancellor Philip Hammond's canceled trip to Beijing highlights the difficult trade-offs the UK faces in its relationship with China.  View Article
EurActiv: UK agrees WTO procurement membership post-Brexit
The UK agreed its first major post-Brexit trade pact when the World Trade Organisation confirmed that the UK will join the Government Procurement Agreement (GPA) as an independent member if it leaves the EU without a Brexit agreement.  View Article
David Miliband: As foreign secretary I argued against an EU referendum. Now I back one
The UK is in a Brexit dead end and May’s deal satisfies no one. I don’t see any way out other than allowing voters the final say, writes Miliband in The Guardian.  View Article
Philip Stephens: Britain has a chance to think again on Brexit
The author writes in the FT that a second vote on Brexit terms should be put to people, but "first, Parliament must reject Theresa May’s fraudulent deal".  View Article
Financial Times: Brexiters are refusing to accept their victory
Hardliners now pose the biggest threat to the UK leaving the EU, writes Robert Shrimsley, for they stand in danger of losing everything by fighting on for a fiction.  View Article

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