Brexit & EU reform

The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and the Legatum Institute Special Trade Commission have produced a joint report which looks at how the new UK/EU partnership might work in the field of financial services. Please visit our dedicated page on this report here.

The Challenge of Brexit: How CMS is helping its financial institution clients across Europe and beyond
This brochure covers all FS sectors: insurance, banking and finance, payment services, securities and derivatives, funds and intermediaries etc. It describes the support available from CMS and the value added services available from RegZone. It lists the members of the financial services Brexit team from across CMS.

Access the full Reform Tracker

Status:

A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.

Latest Reports

  • City, London

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

  • EU flag

    EC: EQUIVALENCE IN THE AREA OF FINANCIAL SERVICES The EC has set out its approach on equivalence and on recent legislative improvements in terms of how it grants equivalence to non-EU countries. It also describes how the EC and ESAs monitor the situation in those countries after equivalence decisions have been taken and how recent EU legislative changes have strengthened the equivalence framework....

  • London skyline

    1.  HMT: LAUNCH FINANCIAL SERVICES FUTURE REGULATORY FRAMEWORK REVIEW HM Treasury has launched the first phase of the Financial Services Future Regulatory Framework review. This phase will look at how coordination between the regulatory authorities could be improved. Future phases will look at what adaptation is needed as the UK leaves the EU. The review is seeking submissions in relation to the...

  • EU sales image

    SWISS- EU RELATIONS: SWITZERLAND LOSES STOCKMARKET EQUIVALENCE The EU failed to renew its trading venue equivalence decision for Switzerland under MiFID/MiFIR. The previous short term decision expired at the end of June. The Swiss Federal Department of Finance (FDF) responded with measures announced in their press release here.  The Financial Times reported on market reaction in its article of 30...

  • Europe from space

    PRA:PS5/19 THE BANK OF ENGLAND'S AMENDMENTS TO FINANCIAL SERVICES LEGISLATION UNDER THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 An updated version of this PS has been published. The updated version can be found here.

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Jargon Buster

Future Dates

* Estimated date

  • *31 October 2019

    Exit date is:

    •  31 October 2019 if the UK holds European Elections, but UK Parliament has not ratified the WA before that date; or
    •  The 1st day of the month after ratification if UK Parliament ratifies the WA before October 2019.

  • *31 December 2020

    End of Brexit transition period