Tag Archives: Brexit

Treasury Committee and PRA exchange Brexit letters

Nicky Morgan, new Chair of the Treasury Committee, and Sam Woods of PRA have exchanged letters on Brexit planning. The PRA response explained PRA’s work in assessing the scenarios that might have the biggest impact on its objectives – such as a hard Brexit with no ongoing cross-border market access. PRA has received over 400 […]

8 EU states offer to host the EBA post-brexit

The EC has today announced that the following cities have proposed to host the EBA: Brussels (Belgium) Dublin (Ireland) Frankfurt (Germany) Paris (France) Prague (Czech Republic) Luxembourg-City (Luxembourg) Vienna (Austria) Warsaw (Poland) The applications will be assessed on the basis of six criteria agreed by the 27 member states: guarantees that the agency will be operational when […]

House of Lords calls for evidence on financial regulation and supervision following Brexit

The House of Lords EU Financial Affairs Sub-Committee (the Committee) is calling for evidence to support its inquiry into the future of UK financial regulation and supervision following Brexit. The Committee will examine how financial regulation and supervision will evolve following Brexit in order to ensure financial stability, which could mean maintaining equivalence or some […]

FMLC looks at Brexit third country issues

The Financial Markets Law Committee has published its views on the legal uncertainties related to the future classification of the UK as a third country in respect of the EU. The purpose of the paper is not to make recommendations, but to highlight legal issues. The paper focuses on: activities for which there is no […]

Brexit: European Union (Withdrawal) Bill presented to Parliament

The Government presented the European Union (Withdrawal) Bill to Parliament on 13 July for its first reading. The Bill seeks to repeal the European Communities Act 1972 on the day when the UK leaves the European Union (EU).  It also includes provisions for: EU legislation to continue to have effect in domestic law, on and after the […]

ESMA publishes sectoral convergence opinions

ESMA has published, as promised, its set of sector-specific opinions on relocations from the UK to the EU27 following Brexit. The opinions cover investment firms, investment management and secondary markets. In each case, it looks at the risks to supervision and of regulatory arbitrage in firms seeking to relocate and then outsourcing activities back to the UK as […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

ESMA writes to Commission on third-country regimes

ESMA has written to the European Commission setting out how existing third-country regimes could be improved.  While not ostensibly about Brexit, the letter refers to the increased number of market infrastructures and corresponding activity that will be outside the EU post-Brexit that will be critical for EU markets. It thinks that enhancing the implementation and […]

Andrew Bailey upbeat on Brexit

Andrew Bailey has spoken on how free trade, freedom of location and open markets in financial services can continue after Brexit . His key point was that firms should be able to take their own decisions on where they locate provided there are appropriate regulatory measures in place to protect the public interest.  And these measures […]

BoE publishes Financial Stability Report

BoE has published Financial Stability Report no. 41  which sets out the views of the Financial Policy Committee (FPC)  on the current financial stability of the UK, including an assessment of the risks to, and resilience of, the UK financial system and its recommendations to reduce those risks. The FPC has assessed the overall risks in […]