Brexit Weekly

22 March 2018

Agreement on a 21-month Brexit transition after Brexit, ESMA's Maijoor on MiFID II, PRIIPs and the CMU and ESAs review, Northern Ireland border, Gibraltar, German Industry and more.

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  Articles from 15 March 2018 - 22 March 2018

  Brexit & UK
 
 
Financial Times: UK and EU agree ‘decisive step’ with 21-month Brexit transition
Britain and the EU have agreed terms for a 21-month transition after Brexit, providing business with much stronger assurances that a cliff-edge exit will be avoided next year.  View Article
Main results - General Affairs Council (Art. 50)
The Council, meeting in an EU27 format, discussed the latest developments in the Brexit negotiations and the draft guidelines on the framework for a future relationship with the UK.  View Article
ESMA's Maijoor on CMU, Brexit and ESA review – What’s next?
Mr Maijoor’s remarks focused on issues related to Brexit and ESMA's work on delegation, as well as costs and charges linked to MiFID II, PRIIPs and the CMU and ESAs review.  View Article
Deutsche Bundesbank's Dombret: Living with Fragmentation: Post-Brexit Realities in Financial Services
Dr Andreas Dombret looks at the estimated extent of fragmentation in regulation of financial services after Brexit and what lawmakers and supervisors should do about it.   View Article
Bloomberg: EU digs in over banks' post-Brexit access, rejecting UK bid
The EU will consider offering the UK “improved equivalence” for its financial services, according to the latest draft of the bloc’s negotiating position, obtained by Bloomberg.   View Article
House of Commons: No progress in finding solution to Brexit border problem
In its report, the Northern Ireland Affairs Committee expresses concern over progress in finding a solution to the UK-Ireland land border post Brexit and points out the absence of a technical solution to render the border invisible.  View Article
House of Commons' European Scrutiny Committee: Legal concerns for UK after Brexit raised
What will happen if the UK disagrees with the EU over a new European law during the transition period, asks the European Scrutiny Committee in its report, European withdrawal: Transitional provisions and dispute resolution.  View Article
The Times: Britain can sign trade deals while in single market, Brussels rules
Britain will be free to sign trade deals during the Brexit transition period without permission from the European Union after a climbdown by Brussels, The Times has learnt.  View Article
The Guardian: Gibraltar warns it could rescind citizens rights if Spain uses veto on Brexit deal
The government of Gibraltar has warned that it could rescind the rights and protections enjoyed by Spanish and other EU nationals living and working in the territory if Madrid uses its veto to exclude the Rock from any Brexit deal between the EU and the UK.  View Article
Institute for Fiscal Studies: The Customs Union, tariff reductions and consumer prices
This briefing note provides an estimate of the scale of the gains consumers might expect if the UK were to leave the Customs Union and reduce its tariffs.  View Article
The Telegraph: New fears over Brexit timetable
A secret report warns that Britain’s borders and databases will not be ready for the EU trade deal at the end of 2020.  View Article
Bloomberg: Brexit deal too late to stop some EU firms from moving business
Nearly one in seven EU companies with UK suppliers have moved some of their business out of Britain, according to the Chartered Institute of Procurement & Supply.   View Article
SPIEGEL: German Industry presents its summit wish list
Spiegel reports how the Federation of German Industry (BDI) is urging Theresa May and the remaining 27 EU leaders ahead of next week's summit to agree on a "status quo" transition period that would preserve the present trade arrangements beyond Britain's departure date of 29 March 2019.  View Article
Financial Times: Brexit pushes German companies to set up UK subsidiaries
Scores of European businesses are setting up UK companies to ensure they can continue trading in Britain after it leaves the EU, according to executives surveyed by the FT.  View Article
Institute for Government: EU27 have differing priorities but the UK should not try to divide and conquer
Ahead of this week’s European Council, a new report says that while the 27 member states are likely to remain united in their approach to the Brexit negotiations, it is essential for the UK to understand the differences in their views.   View Article
Bruegel: Rethinking the European Union’s post-Brexit budget priorities
There will be a €94 billion Brexit-related hole in the EU budget for 2021-27. The authors show that freezing agriculture and cohesion spending in real terms would fill the hole, but new priorities would then need to be funded by an increase in the percent of GNI contribution.  View Article
 

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