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Brexit news

Brexit latest news, analysis and opinions on EU exit. Discover most up-to-date Brexit information and facts.


Last update:
 23 February 2018

Deloitte Luxembourg's Regulatory News Alert - Article EU Commission Brexit note 8 February

Article published on 23 February 2018

On 8 February 2018, the EU Commission released several papers, among which, three addressed specifically to banks, MIFID firms, and investment managers of both UCITS/AIF Funds. These three papers are an official notice that attempts to anticipate the expected impacts of Brexit on financial business activities.

Banks | MiFID firms | Investment managers

EU Leaders Go to Battle Over Plugging Post-Brexit Budget Gap

Article published on 23 February 2018

Hashing out the European Union’s multiannual budget is a political slugfest at the best of times. Throw in Brexit and the contest looks even more bruising.

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Will unilateral free trade be the making of Brexit?

Article published on 22 February 2018

This week Economists for Free Trade (EfFT) suggested that if the post-Brexit UK were to embrace unilateral free trade (UFT), the net effect of Brexit would be positive rather than negative.

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Uniting for a Great Brexit: Foreign Secretary's speech

Article published on 14 February 2018

Foreign Secretary Boris Johnson set out the path for an outward-facing, liberal and global Britain following our exit from the EU.

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The EC issues a letter to warn the fund industry of the “legal repercussions” when UK becomes a third country

Article published on 9 February 2018

On the 8th of February, the European Commission has published a letter intended to the asset management industry regarding Brexit and EU rules in the field of asset management.

The text says that "in view of the considerable uncertainties (...) stakeholders, including managers of investment funds and investors are reminded of legal repercussions which need to be considered when the United Kingdom becomes a third country."

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Speech by Michel Barnier - Article 50 negotiations (6th-9th February)

Article published on 9 February 2018

Speech by Michel Barnier following this week's round of Article 50 negotiations

Theresa May Plans Instant Split From Some EU Rules After Brexit

Article published on 8 February 2018

Prime Minister Theresa May is drawing up plans for an instant break from key European Union regulations after Brexit -- including some on financial services -- in a drive to exploit the upside of the divorce, according to senior U.K. officials.

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Where we are with Brexit - in 300 words

Article published on 7 February 2018

David Davis once said negotiating Brexit was as complicated as a Moon landing. So for those still stuck on the launch pad, here is a very quick guide to what's going on.

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Update on Brexit from Deloitte's EMEA Centre for Regulatory Strategy

Article published on 2 February 2018

The European Union (Withdrawal) Bill completed its passage through the House of Commons on 17 January, and is scheduled to have its second reading in the House of Lords over two days this Tuesday and Wednesday.

On Wednesday last week, delegates from 27 Member States agreed on draft EU negotiating directives on the transition period, which were formally endorsed at the General Affairs Council today. The directives will constitute the EU mandate, and allow Michel Barnier, the EU’s chief negotiator, to start phase two of the negotiations on transition with the UK.
David Davis, Brexit Secretary gave a speech last Friday on what the UK government will seek to agree on transitional arrangements. He said that Britain will remain on “current terms” with the EU for at least two years after Brexit, and he called a transition period a “bridge to the future” that would “allow Britain to support our future partnership” with the EU. He added that there should be “very little difference between the standards and regulations” in the U.K. and the EU immediately after Brexit.

Davis also gave evidence to the Treasury Committee last week, and said that “there is no explicit plan to publish a paper on financial services”, but they may well do so later on. When asked if the UK government would diverge in financial services rules, Davis explained that the UK would not be in lockstep with the EU, but aim to maintain maximum possible access to the EU market while maintaining the freedom to decide in the future. The UK will seek outcome equivalence in many areas, but not harmonisation.

Mark Carney, Governor of the Bank of England (BoE), stated that a “deeper relationship” with the EU would be better for the UK economy. Carney also said that the vote for Brexit had already removed around 1% from the economy, which equates for a loss of economic output of over £350m a week.

The UK’s approach to EEA banks and investment firms’ branches (&CCPs) authorization and supervision after Brexit

Alert published on 29 January 2018

On 20 December the PRA presented its overall approach for UK branches of international banks. The PRA sets great store not only by the equivalence of the home supervisory regime, but also by co-operation from home supervisors, particularly for branches that are systemically important. It is also clear that the PRA is expecting the home supervisor to be forthcoming about the risks both to the firm of which the branch is part, but also the wider group. On paper at least, the PRA is setting a high bar for co-operation.

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Update on Brexit from Deloitte's EMEA Centre for Regulatory Strategy

Article published on 26 January 2018

The EU withdrawal bill is due to pass to the House of Lords after being approved by the House of Commons last week. The Bill will repeal the European Communities Act 1972, and adopt the existing body of EU law (as it stands at the date of the UK’s exit from the EU) onto the UK statute books.

Last week, Sam Woods, CEO of the Prudential Regulation Authority (PRA), gave evidence at the Treasury Select Committee on Supervisory cooperation. He said that if there is no transition deal, the PRA’s approach to EEA branches still holds. However, the PRA would need to take a decision on contingency planning regarding how to tackle the more systemic firms. If there is no cooperation with EU supervisors at all, then subsidiarisation could be considered.

 

Update on Brexit from Deloitte's EMEA Centre for Regulatory Strategy

Article published on 19 January 2018

Theresa May and banking chief executives met last Thursday, for the first formal meeting on how financial services might be included in a future trade deal between the UK and the EU. Mrs May stressed that the financial sector would be a priority for the government in the next round of Brexit negotiations. Jes Staley, Barclays Plc Chief Executive Officer, urged Mrs May to cut taxes and relax regulations on British banks after Brexit, in order to maintain competitiveness against rival financial centres.

EU regulators have urged companies to prepare for the UK to lose all automatic access to the single market on 29 March 2019. Officials sent memos to around 15 industries that rely on UK operating licenses in November and December.

Negotiations on the future trading relationship with the EU and UK are due to start in March, and the position of banks is expected to be a major discussion point. Germany is expected to demand the UK make substantial contributions to the EU budget to maintain its single market access after Brexit. There has been some indications that member states might be willing to debate the prospect of prolonging Britain’s Brexit transition beyond December 2020, if necessary.

 

MiFID II launch hit by futures fears over Brexit

Article published on 3 January 2018

The much-heralded launch of the revamped Markets in Financial Instruments Directive (MiFID II), billed as the greatest regulatory shake-up of the City since Margaret Thatcher’s ‘Big Bang’ deregulation in 1986, that comes into effect today has been hit by missed deadlines and extensions in futures markets.

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Deloitte Brexit Lecture – Implications for the Financial Service Industry

Article published on 7 December 2017

The ILF together with Deloitte hosted the 3rd joint evening lecture on the European Union’s ongoing hot topic Brexit on 29 November 2017 at the foyer of the House of Finance.

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Deloitte's Clea Evagorou assesses the impact of Brext on forward items

Article published on December 2017

It's been almost 18 months since the Brexit referendum and yet we are still none the wiser about the long-term political and economic effects of the vote. 

With the UK seeking an implementation period of up to two years (pushing expected completion to 2021), but with no clear indication of wheter this will actually materialise and what form it would take, it would seem this turbulence is likely to continue.

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UK groups slow to sign up for fast customs clearance after Brexit

Article published on 24 November 2017

Britain is lagging behind other large European countries in signing up businesses to a “trusted trader” scheme that could shorten border queues after Brexit.

 

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EU to start internal plans for Brexit trade talks

Article published on 12 October 2017

European Council President Donald Tusk would like EU officials to start preparing the ground for trade talks, based on what an official familiar with Tusk’s thinking rated as “considerable progress” in Brexit talks. “Considerable” is the not the same as “sufficient’ progress, but the upbeat tone of the Council draft document indicates Tusk is relaying a message from some of the national capitals he’s visited: they’re nervous about the lack of progress and ticking clock. (Source: Politico)

 

Michel Barnier's Press statement - Fifth round of Article 50 negotiations

Article published on 12 October 2017

Press statement by Michel Barnier following the fifth round of Article 50 negotiations with the United Kingdom.

David Davis' closing remarks at the end of the fifth round of EU exit negotiations in Brussels

Article published on 12 October 2017

The statement follows the fifth round of negotiations for a new partnership with the EU.

Post-Brexit invisible border is impossible, says Irish report

Article published on 8 October 2017

Ireland’s equivalent of HMRC says it is ‘somewhat naive’ to believe a unique arrangement can be applied to Irish border.

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Belgian ports batten down the hatches for Brexit trade shock

Article published on 7 October 2017

In Zeebrugge, which does 45% of its trade with the UK, there is growing concern about the impact of the worst-case scenario – no deal, and the resumption of WTO tariffs.

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Closing statement at the Plenary Session of the European Parliament

Article published on 3 October 2017

Closing statement by Michel Barnier at the Plenary Session of the European Parliament on the state of play of the negotiations with the United Kingdom.

Hard Brexit to Create £17 Billion Fall in Annual EU Export Revenues Across UK's Key Manufacturing Sectors

Article published on 2 October 2017

  • UK manufacturing exports to five key markets need to increase by 60% to offset 'hard Brexit' EU export losses;
  • Increases in tariff and non-tariff barriers could cost £3.8 billion annually;
  • New trade deals could offer considerable opportunities for UK exports, with the US offering the greatest prize

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Prime Minister's Florence speech: a new era of cooperation and partnership between the UK and the EU

Article published on 22 September 2017

Prime Minister Theresa May set out how the UK will be the strongest friend and partner to the EU after we leave the EU.

Secretary of State update to the House of Commons on EU negotiations - Oral statement to Parliament

Article published on 5 September 2017

David Davis spoke to the House about the July and August negotiating rounds.

Third round of EU exit negotiations in Brussels - Press conference and closing remarks

Articles published on 31 August 2017

Speech by Michel Barnier at the press conference following the third round of Article 50 negotiations with the United Kingdom.

David Davis' closing remarks at the end of the third round of EU exit negotiations in Brussels.

Eurovision-style contest for prized EU agencies

Article published on 1 August 2017

19 countries apply to host the European Medicines Agency; 8 chase the European Banking Authority.

With two London-based EU agencies up for grabs after Brexit, a highlight of the fall political season in Brussels will be the division of these fat spoils.

Nineteen countries submitted their bids to take the European Medicines Agency and eight put in for the European Banking Authority, the Council of the European Union said on Tuesday. Six would be happy with either agency, though under the rules of this contest they can’t have both.

Article published on Politico.eu

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Convergence tool to support national competent authorities in the context of Brexit relocation

News alert published on 21 July 2017

ESMA’s opinion setting out general principles aimed at fostering consistency in authorization, supervision and enforcement related to the relocation of entities, activities, and functions from the UK.

PDF - 49kb

How to sell funds into the UK post-Brexit

Article published on 24 April 2017

As the UK prepares to hold a general election widely expected to give the Conservative party a strong hand to negotiate the country’s exit from the European Union, cross-border asset managers must consider how they will sell funds to UK investors post-Brexit.

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Brexit | Negotiation principles

Article published on 7 April 2017

European Parliament defined yesterday the red line of the Brexit process.

The general principles for negotiations notably recall that any bilateral agreement related to privileged access to the internal market for UK based financial institutions or trade agreement negotiations with third countries in advance of the UK withdrawal will be in contradiction with the EU law.

For your information here is the French and the English version of the text adopted by the European Parliament.

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