Brexit news report for financial services firms - from 16 November 2019 to 29 November 2019
02 December 2019
1. FCA: Response to key comments from the independent panels' annual reports for 2018-19
FCA has published its response to key comments from the annual reports of FSCP, FCA PP, FCA SBPP and FCA MPP. Specific areas covered include: Brexit; FCA’s priorities; operational and cyber resilience; crypto assets; Mortgage Markets Study; duty of care; fair pricing; consumer credit; Retirement Outcomes Review; pensions; LIBOR and authorisations.
2. EC: Speech by Valdis Dombrovskis: Priorities of the new EC for sustainability and green finance
Text of this speech, given on 15 November 2019 follows, in which Valdis Dombrovskis discusses aspects of the Banking and Capital Markets Union and sustainable finance. He also notes: “As you know, central clearing has been identified as a clear systemic risk in case of a no-deal Brexit. The … temporary equivalence decision … will expire on 30 March 2020. Regrettably, the risk to financial stability has not yet been fully removed, because industry has not so far fully prepared. Therefore, I intend to propose to renew this time-limited equivalence decision beyond that date, to prepare for any eventuality”.
3. BIS: Speech by François Villeroy de Galhau: European and French economic outlook and post-Brexit financial architecture
The text of François Villeroy de Galhau’s speech, in which he discusses Brexit. He states that: ‘ Even with a welcome withdrawal agreement, all aspects of a possible trade agreement and its financial service component will still have to be negotiated in 2020. The uncertainty surrounding Brexit will therefore continue.’ He also indicates that he thinks post Brexit that, ‘ We expect Europe’s financial services architectures to move from being monocentric, centred on the City of London, to a more polycentric model.’ He then goes on to showcase Paris as one of these future financial centres.
Other publications from the RegZone Brexit news feed
FMLC: Article 59 BRRD
FMLC has published the text of letters it has sent to HMT and the EC which highlight some issues of legal uncertainty with regard to Article 59 of the recently amended BRRD.
EC: Remaining united despite Brexit
Donald Tusk’s report sets out the work of the Council from July 2018 to the end of November 2019 with regard to Brexit.
FCA: Handbook Notice 71/Instruments
FCA has published details of instruments passed at its Board meetings on 24 October 2019 (in addition to those already noted in Handbook Notice 70) and on 21 November 2019 . These are:. Mortgages (Responsible Lending) Instrument 2019/92; Exiting the European Union: Dispute Resolution: Complaints (Amendments) Instrument 2019/29 (FOS); Training and Competence (Amendment No 8) Instrument 2019/95; Supervision Manual (Reporting No 12) Instrument 2019/96 and Over-the-Counter Derivatives, Central Counterparties and Trade Repositories (No 3) Instrument 2019/97. Instruments may be downloaded via the following link.
Speech by Michel Barnier at the Annual Conference of the European Defence Agency
Text of a speech given by Michel Barnier on 28 November 2019, in which he discusses the challenges arising from Brexit. He stresses that an ‘ ambitious, close and lasting cooperation between the EU and the United Kingdom on external action, security and defence will be essential for both parties.’
Back to top