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Brexit and Financial Regulation »

Edited By: Jonathan Herbst, Simon Lovegrove

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Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

Detailed Contents »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

Further Material »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

1 Introduction »

Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
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.

List of Abbreviations »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

List of Contributors »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

Table of Cases »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

Table of European Legislation »

Edited By: Jonathan Herbst, Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove

2 Withdrawal Agreement and Political Declaration on the Future EU–UK Relationship »

Simon Lovegrove
From: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter discusses the Withdrawal Agreement and Political Declaration on the framework for the future EU–UK relationship published on 14 November 2018 (as amended on 17 October 2019) and its implications for financial services. Financial services are not specifically mentioned in the Withdrawal Agreement. Financial services firms will be interested in the transition period, though. During this period, while no longer a Member State, the UK will still be considered as part of the Customs Union and the Single Market. While being part of the Single Market, firms will be able to passport their services as they currently do. EU financial services law will also apply in the UK during this period. Meanwhile, there is nothing in the Political Declaration that suggests that the UK will be on better terms than any other third country dealing with the EU. However, this will be the UK government’s aim in the negotiations. The chapter then considers the Financial Conduct Authority’s EU Withdrawal Impact Assessment, which included commentary on the Withdrawal Agreement and Political Declaration.