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Brexit

Brexit

FIA has compiled a variety of resources that may be of interest to industry members as the United Kingdom (U.K.) has voted in favour of leaving the European Union. This page will be updated regularly; please check back for additional information.

Please contact us at brexit@fia.org with any further questions. 

Latest Activity

Power Trading Forum

Regulatory and technical developments in power and gas markets
4 October 2018 1:30pm to 4:30pm BST
Reed Smith // The Broadgate Tower // 20 Primrose Street // London EC2A 2RD
The second Power Trading Forum of 2018 will explore regulatory and technology developments impacting the energy markets. Event Details event 4 October 2018 schedule 13:30 to 16:00 place Reed Smith...

Resources

Brexit: What's Next for the Cleared Derivatives Industry?

Brexit's Influence on Global Markets - an interview with FIA's Simon Puleston Jones - June 2018

Brexit Impacts on Futures Industry - an interview with FIA's Corinna Schempp - June 2018

FIA launches three new Brexit Working Groups - January 2018

FIA publishes white paper on the Impact of a No-Deal Brexit on the Cleared Derivatives Industry - December 2017

FIA publishes white paper on the Impact of a No-Deal Brexit on the Cleared Derivatives Industry - December 2017 (in German)

FIA's key messaging on Brexit - May 2017

FIA Compliance and Regulation Forum: Brexit: What's next for the Cleared Derivatives Industry - Presentation Slides (September 15, 2016)

FIA Webinar Recording: Brexit: What's next for the Cleared Derivatives Industry? (June 29, 2016)

FIA Webinar presentation slides: Brexit: What's next for the Cleared Derivatives Industry? (June 28, 2016)

FIA Memorandum by Allen & Overy on likely next steps and near-term consequences of the British referendum to leave the EU (June 24, 2016)

Next Steps: 

  • October 2017: European Parliament to draft resolution on whether “sufficient progress” has been achieved
  • October 2017: EU and UK to present joint position on WTO-related issues related to the Withdrawal Agreement
  • October/ November 2017: Barnier to recommend to Council whether “sufficient progress” has been made
  • October/ November 2017: Council to decide whether “sufficient progress” has been made
  • 20 November 2017: Council to make final decision on relocation of EMA and EBA
  • End of 2017: Council to update negotiating guidelines for the second phase of negotiations
  • End of 2017: Commission to draft more detailed negotiating directives for the second phase of negotiations
  • End of 2017/ Beginning of 2018: second phase of negotiations to commence, with the Withdrawal Agreement to be negotiated in parallel with the scoping out of the future EU-UK relationship
  • October 2018: Negotiations to conclude:
    • At the end of the negotiation period, Barnier will present an agreement to the Council and the European Parliament, taking into account the framework of the future EU-UK relationship
    • The European Parliament must give its consent by a vote of simple majority, including MEPs from the UK
    • The Council will conclude the agreement by a vote of ‘super’ qualified majority (i.e. at least 72% of the members of the Council, comprising at least 65% of the population of the Member States
    • The UK will ratify the agreement according to its own constitutional arrangements
  • 29 March 2019: UK to leave the EU

 

Official Statements

Sam Wood's (Deputy Governor, Prudential Regulation CEO, Prudential Regulation Authority) letter to Nicky Morgan MP, Chair of the Treasury Committee (2 August 2017) 

House of Lords European Union Committee Financial Affairs “Call for Evidence” regarding its enquiry into financial regulation and supervision following Brexit (24 July 2017)

Michel Barnier’s (European Commission) oral testimony to the House of Lords EU Select Committee (12 July 2017)

Guy Verhofstadt MEP’s oral testimony to the House of Lords EU Select Committee (12 July 2017)

Statement by Guy Verhofstadt MEP and the European Parliament Brexit Steering Group

European Parliament Brexit Steering Group assessment on the UK Paper “Safeguarding the position of EU citizens living in the UK and UK Nationals living in the EU” 

European Commission press release “Commission proposes more robust supervision of central counterparties (CCPs)” (13 June 2017)

European Commission proposal for a Regulation as regards the procedures and authorities involved for the authorisation of CCPs and requirements for the recognition of third-country CCPs + Annex thereto + Impact Assessment relating thereto + summary of that Impact Assessment + FAQ (June 2017)

European Commission communication with respect to third country CCPs (4 May 2017)

Prudential Regulatory Authority’s “Dear CEO” letter regarding contingency planning for the UK’s withdrawal from the European Union (7 April 2017) 

UK Government’s Article 50 letter (29 March 2017)

House of Lords European Union Committee Paper “Brexit and the EU budget” (4 March 2017)

UK Government's White Paper relating to the Great Repeal Bill (March 2017)

The Great Repeal Bill and delegated powers, Lords Select Committee on the Constitution, 9th Report of Session 2016-17 (7 March 2017)

The United Kingdom's exit from and new partnership with the European Union (2 February 2017)

Theresa May’s Lancaster House speech (17 January 2017)

Legislating for Brexit: Statutory Instruments implementing EU law, House of Commons Library Research Paper 7867 (16 January 2017)

House of Lords European Union Committee Report “Brexit: financial services” (15 Dec 2016) and the response of UK government thereto (20 March 2017)

Australia: The Implications of Brexit - A Report to Government by the Council of Financial Regulators (July 2016)

President Juncker: Statement on Hill resignation and transfer of financial services portfolio (June 25, 2016)

Lord Hill: Statement on decision to resign from the European Commission (June 25, 2016)

European Commission Fact Sheet: UK Referendum on Membership of the European Union: Questions & Answers (June 24, 2016)

ECB Statement:  Closely monitoring financial markets (June 24, 2016) 

FCA: Statement on European Union referendum result (June 24, 2016)

Bank of England: Statement from the Governor of the Bank of England following the EU referendum result (June 24, 2016)

Federal Reserve Statement: Carefully monitoring developments in global financial markets (June 24, 2016)

Statement of G-7 Finance Ministers and Central Bank Governors (June 24, 2016)

M Treasury analysis: The immediate economic impact of leaving the EU (May 2016)

HM Treasury analysis: The long-term economic impact of EU membership and the alternatives (April 2016)

Bank of England: EU membership and the Bank of England (October 2015)

 

Expert Analyses 

Freshfields: Brexit briefing note: Article 50 and withdrawing from the EU (July 4, 2016)

UK Constitutional Law Association: Pulling the Article 50 'trigger' (July 1, 2016)

FTI Consulting: Brexit's impact on financial services (July 1, 2016)

K&L Gates: Brexit - A first look at the impact on asset managers that trade derivatives (June 30, 2016)

Linklaters: EU Referendum Microsite 

Clifford Chance: The UK vote to leave the EU - The Immediate Issues (June 24, 2016)

Clifford Chance: Brexit Toolkit 

Kreab: The EU Referendum: The result and short-term political and policy consequences from an EU perspective (June 24, 2016)

Kreab: Post Referendum Scenarios (June 2016)

Hogan Lovells:  What could Brexit mean for U.S. financial institutions? (May 2016)

K&L Gates: Brexit Bites - Implications for financial services firms (April 2016)

Holman Fenwick Willan:  Brexit - Key questions for the commodities sector (April 2016)

LSE Centre for Economic Performance:  Commentary on the UK Treasury analysis of the long-term economic impact of EU membership and the alternatives (April 2016)

Morgan Lewis & Bockius: Financial Services Sector Implications of Brexit (March 2016) 

Sia Partners: Brexit and the impact on the UK's regulatory framework (February 2016)

Ashurst: Brexit (February 2016)

Global Counsel: Brexit - the impact on the UK and the EU (June 2015)

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