AFME has called for early clarity on the Brexit transition. It says that while it is critical that transition arrangements are agreed soon, it agrees with the European Commission that they must be clearly defined, limited in time and subject to effective enforcement mechanisms. It says there must be recognition that businesses will need more than 2 years to prepare properly for Brexit, and the timeframe they will need is unlikely to be aligned with the negotiation timescales. Hence the need for arrangements that avoid cliff-edge scenarios. For financial services providers, this is exacerbated by the need to minimise disruption to end users. AFME notes a number of specific items that need urgent consideration, including recognition of UK CCPs, treatment of existing contracts, the need for time for banks to seek necessary authorisations, and the need to put in place appropriate regulatory cooperation. It calls for a bridging period to avoid short-term disruption followed by an adaptation period to enable a phased adjustment to the new trade relationship.
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