Brexit, Europe and Financial Services Briefings
The below briefings are aimed to be informative to readers across the EU, UK, and the wider global financial services community. The briefings reflect on key commercial, regulatory and political considerations around Brexit.
Sets out the key principles policymakers should consider when thinking about future trade in services between the EU and the UK.
Explains how contractual uncertainty arises as part of Brexit and what actions can be taken by both sides to manage any damaging impacts from undermining existing contracts or requiring contracting parties to engage in economically unproductive and wasteful restructuring.
Explains why transitional arrangements are important in order to avoid a damaging ‘cliff edge’ effect for UK and EU customers, and the wider financial services community. It further describes how to approach transition and the scope, substance and basis of transitional arrangements.
Outlines the importance of data protection and transfer in today’s banking industry: how the movement of personal and sensitive data in the EU single market takes place and are part of our increasingly digitised economies. It further describes what is needed to establish a new framework for the cross border transfer of data between the UK and the EEA/EU and the UK and third countries and highlights some of the potential challenges in achieving ‘adequacy’ between future UK and EU regulatory frameworks.
Details the use of ‘equivalence’ in international trade and banking services, how it is determined, how it differs from passporting and what the current process is for obtaining it. It further describes whether it can be used as a future framework as part of the UK’s withdrawal from the EU.
Details the current passporting regime in place for banking and financial services, why it matters and how it is used by UK-based and EU-based banks. It further describes what the implications are of not being able to rely on passporting and what the alternatives might be.
Outlines what steps the EU and the UK need to take to achieve an orderly separation, and the wide importance of transitional arrangements.
Describes what the options are for the future relationship between the EU and the UK and the issues this raises for the provision of banking and financial services.