1 Introduction

Subject(s):

Capital markets — Financial regulation — Basel committee on Banking Supervision — Financial Stability Board (FSB)

This introductory chapter provides an overview of Brexit and its impact on financial services. Following the UK’s historic referendum concerning its future membership in the EU, various options for the UK’s future relationship with the EU were discussed in the media. Another question that was discussed in the media was whether or not UK financial services legislation would be rewritten once the UK had formally left the EU. Most in the market, however, felt that it would not. This was generally on the basis that the UK had played an important role in developing EU financial services legislation when participating in the EU institutions. There was also discussion as to whether or not standards and principles developed by international bodies such as the Basel Committee on Banking Supervision and the Financial Stability Board could, in the future, provide a bridge between the UK and the EU in defining a future relationship based on shared outcomes. The chapter then looks at the preparations of both the EU and the UK for a no-deal Brexit.