Tag Archives: Brexit
Chancellor makes Mansion House Speech
Philip Hammond has given the delayed Mansion House speech. He spoke of the Government’s priorities and its commitment to delivering better public services, higher real wages and increased living standards through stronger growth, and how it needs to be delivered through rising productivity. He stressed that this means more trade, and strong trade links with […]
EIOPA speaks on Brexit – “empty shells or letter boxes are not acceptable”
Gabriel Bernardino, Chairman of EIOPA, delivered a speech on opportunities, challenges and regulatory developments. Mr Bernardino concluded his speech with an explanation that EIOPA’s priority on Brexit is focused on the supervisory approach towards the insurers based in the UK seeking relocation of subsidiaries in the EU. He confirmed in his speech that empty shells or letter […]
ESMA publishes annual report
ESMA’s annual report for 2016 focusses on its activities in: assessing risks to investors, markets and stability; creating a single rulebook; promoting supervisory convergence; and supervising credit rating agencies and trade repositories. The narrative to the report looks at its work with the other ESAs, latterly on PRIIPs and work to come on transparency on […]
ESMA speaks on priorities and Brexit.
Steven Maijoor has spoken to the FIA on ESMA’s current work, including its preparations for MiFID 2. He stressed that there will be no further delay in implementation. He referenced ESMA’s recent and ongoing work on trading and transparency requirements, and heralded an imminent consultation on the trading obligation for derivatives. He also spoke of […]
ABI speaks on UK insurance industry
The ABI has spoken on the opportunities regulation can offer for the industry, which are getting wider – for example, willingness of the industry to see the competition regulator becoming involved in their markets. A key transformational project has been Flood Re and it has helped insurers to work with the Government. Key current points, in […]
ESMA sets out principles for regulating migrating UK firms
ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit. Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]
eiopa to publish guidance on sound principles for authorisation and supervision in light of brexit
EIOPA’s (European Insurance and Occupational Pensions Authority) head of policy, Manuela Zweimuller, has announced at a conference that EIOPA will publish the guidance with a view to arming national regulators against the risk of regulatory arbitrage that may be on the radar of member state politicians.
ECB warns that relocating banks need to act fast
Ms Lautenschläger (Vice-Chair of the Supervisory Board of the ECB) made the remarks whilst a technical workshop hosted by the ECB for banks considering relocating as a result of Brexit. Lautenschläger stressed that relocating will require significant and highly efficient planning efforts as well as resources. Lautenschläger made it clear that the European regulators would not […]
Commission recommends Brexit negotiations
The College of Commissioners has sent a recommendation to the Council to open Article 50 negotiations, following on from the political guidelines adopted a few days ago. The negotiating directives focus on: safeguarding the rights and status of citizens and their families; agreement on the principles of the financial settlement (before anything else); not undermining […]
EU Council publishes Brexit negotiation guidelines
The European Council has published its guidelines following the UK’s Article 50 notification. It notes the uncertainty that Brexit will mean for individuals and businesses in the UK and the rest of the EU and says the Union will maintain its unity throughout the exit negotiations and will “act as one” with the aim of […]
