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21 March 2019

Brexit Weekly

MPs vote to seek delay to EU departure, Brussels says no Brexit extension without green light for deal, EU/UK financial institutions prepare for no-deal split, UK to lose £1tn of financial assets to Europe, UK economy to falter further and more.

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  Articles from 14 March 2019 - 21 March 2019

  Brexit & UK
BBC: MPs vote by a majority of 211 to seek delay to EU departure
MPs have voted by 413 to 202 - a majority of 211 - for Prime Minister Theresa May to ask the EU for a delay to Brexit.  View Article
The Independent: Brussels opposes Theresa May request for Brexit extension until 30 June but will accept long delay
Brussels opposes Theresa May’s plan to delay Brexit until 30 June, according to a leaked internal EU diplomatic note.  View Article
Wolfgang Münchau: A long Brexit delay spells danger for the EU
Extended UK divorce will suck up union’s resources and distract it from more pressing business, writes Münchau in the FT.  View Article
POLITICO: Donald Tusk: No Brexit extension without green light for deal
Theresa May's request to delay the UK’s departure from the EU will only be granted if the House of Commons passes the Brexit deal agreed between London and Brussels, European Council Donald Tusk said.  View Article
Evening Standard: UK ‘could be refused extension if PM fails to get Commons agreement’
A European Union grandee today said the UK could be refused a Brexit extension if Theresa May fails to get agreement in the Commons.  View Article
The Guardian: No long Brexit delay without election of British MEPs, says leaked paper
Brussels will have to terminate the UK’s extended membership of the European Union on 1 July if elections for British MEPs have not been held, a leaked legal document reveals.  View Article
PRA and FCA agree Memorandum of Understanding (MoU) with EBA
The PRA, FCA and European Banking Authority have agreed a template Memorandum of Understanding (MoU). The template sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/EEA national authorities.  View Article
ESMA’s application of the trading obligation for shares following a no-deal Brexit
ESMA issued this statement in response to requests from many market participants for additional clarity and certainty on the application of the trading obligation for shares in the absence of an equivalence decision by the European Commission.  View Article
ESMA clarifies endorsement of UK credit ratings in case of a no-deal Brexit
ESMA issued a statement which sets out the implications for CRAsbased in the United Kingdom, including the endorsement of UK credit ratings, should the UK withdraw from the European Union without a withdrawal agreement (no-deal Brexit).  View Article
ESMA publishes its Data Operational Plan under a no-deal Brexit scenario
ESMA published a statement in relation to the impact on ESMA’s databases and IT systems of a no-deal Brexit scenario on 29 March 2019.  View Article
FCA: Endorsement of credit ratings from the European Union into the United Kingdom for regulatory use in the event of a no-deal Brexit
FCA assessed the EU regulatory and supervisory regime to be ‘as stringent as’ the UK’s regime for the purposes of allowing UK-registered CRAs to endorse credit ratings into the UK from affiliated EU CRAs for regulatory use under the Credit Rating Agencies Regulation.  View Article
Investment & Pensions Europe: A Brexit checklist for UK pension funds
While UK politicians have voted against a ‘no-deal’ Brexit, much uncertainty remains about the outcome with more parliamentary votes to come and the approval of the EU yet to be secured. Hogan Lovells’ Faye Jarvis explores the risks for UK trustees.  View Article
Financial Times: UK to lose £1tn of financial assets to Europe due to Brexit
Financial services companies have committed to move about £1tn of assets out of the UK into Europe as the industry triggers its worst-case contingency plans with no Brexit deal in sight, according to consultancy EY.  View Article
Financial Times: Citi sets post-Brexit Frankfurt trading hub in motion
Citigroup’s new broker-dealer in Frankfurt is now fully operational as the US bank finalises its Brexit contingency plans with political negotiations stuck in limbo less than two weeks before the UK’s official leaving date.  View Article
The Guardian: UK bankers on standby as City readies no-deal contingency plans
Hundreds of UK bankers at JP Morgan and dozens from Goldman Sachs are on standby for relocation to EU offices by 29 March, regardless of parliament’s vote to delay Brexit.  View Article
Brexit: Council adopts a series of contingency measures for a "no-deal" scenario
The Council adopted a series of legislative acts as part of its contingency preparations for a "no-deal" Brexit scenario.  View Article
Federal Trust: Brexit: "No deal" is still on the table
Director Brendan Donnelly argues that Brexit with “no deal” remains a real possibility and that time is running out for Parliament to act effectively in the Brexit process.  View Article
Commercial Risk Europe: Frustrating Brexit deadlock highlights importance of risk management, says Ferma
The ongoing uncertainty surrounding Brexit highlights the importance of professional risk management to prepare organisations and ensure business continuity, Ferma said this week after voicing “frustration” at the current deadlock in UK parliament.  View Article
Financial Times: Theresa May weighs third Commons Brexit vote despite Speaker’s ruling
British ministers have signalled that Theresa May could hold another vote on her fragile Brexit plan next week, despite a ruling by House of Commons Speaker John Bercow that the deal must first be substantially changed.  View Article
Bloomberg: May prepares to seek long Brexit delay as speaker scuppers plans
Theresa May looked set to seek a long extension to the U.K.’s European Union membership after the House of Commons speaker torpedoed her plan to win Parliamentary approval for her deal to leave the bloc.  View Article
YouGov: By 43% to 38% Britons want MPs to vote to against a Brexit delay
A snap YouGov poll found that by 43% to 38% Britons want MPs to vote against a delay.  View Article
The Independent: Remain would win second Brexit referendum but no-deal would get more votes than Theresa May's deal, poll indicates
Britain is due to leave the EU in nine days time, with or without a deal, but after MPs voted against a no-deal exit, and also against the exit deal negotiated by Theresa May, the government has requested an extension to the Brexit deadline.  View Article
The Guardian: Britain split over prospect of second Brexit vote, poll finds
Exactly the same proportion of voters believe there should be a second referendum on Brexit as think the UK should leave the EU without a deal, according to the latest Opinium poll for the Observer.  View Article
BCC Forecast: UK economy to falter further as Brexit uncertainty bites
The British Chambers of Commerce has slightly downgraded its growth expectations for the UK economy, forecasting growth of just 1.2% in 2019 (down from 1.3%), which if realised would be the weakest growth in a decade.   View Article
Bloomberg: UK reaches no-deal Brexit trade pact with Norway and Iceland
The UK reached a temporary deal that secures trade with Norway and Iceland should Britain tumble out of the European Union with no deal at the end of March.  View Article
NIESR: Trade policy in the time of Brexit
The UK's service-oriented economy may be particularly badly hit by a Withdrawal Agreement that restricts its access to the global market for services.   View Article
Financial Times: UK tariff plan for no-deal Brexit will have limited impact on economy — OBR
The overall impact of the tariffs the government plans to impose in the event of a no deal Brexit on the economy would be “pretty small beer”, according to the Bank of England’s former chief economist.  View Article
Financial Times: Germany raises alarm about small businesses’ Brexit exposure
Germany’s central bank is warning that many of the country’s smaller companies are failing to prepare for the potential disruption of the UK’s exit from the EU this month and could lose access to financial services as a result.  View Article
European Union Committee draws special attention to trade agreements with Israel and Switzerland
The European Union Committee has published its seventh report on Brexit-related international agreements.  View Article
Sharon Donnery: The departure of the UK from the EU - implications for the Irish economy and financial system
The Deputy Governor of the Central Bank of Ireland discussed some of the contingency planning by public authorities in light of the forthcoming departure of the UK from the EU. Donnery also highlighted some of the channels through which a no-deal outcome would affect the Irish economy.   View Article
EPRS - Brexit: Understanding the withdrawal agreement and political declaration
While extending the Article 50 negotiating period now appears highly likely, all scenarios are still possible, including the UK leaving the EU without a deal at the end of March 2019.  View Article

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