In January 2018, FIA launched three new Brexit Working Groups via which FIA members can provide their direct input into FIA’s Brexit work. FIA aims to hold the first working group call for each group in early February 2018. Agendas will be circulated in due course. Each working group will be chaired by FIA’s Head of Europe, Simon Puleston Jones, and will operate under the direction of the FIA Board’s Brexit Working Group.
Should you wish to participate in any such working group, please contact Kate Bloom. Please note that not all working groups are open to all FIA members, as set out in more detail below. We reserve the right to reduce the number of individuals participating from a given FIA member firm, in order to keep the working group sizes manageable.
Further details of each working group are set out below.
FIA Brexit Contingency Planning Working Group
Authorities in both the UK and the EU27 have been clear that industry must contingency plan for the worst case scenario, i.e. no deal between the UK and the EU27 as to the terms of the UK’s exit from the European Union and/or their future relationship by 29 March 2019. This working group is open to participation by legal, compliance, government affairs, operations and front office representatives from all FIA member firms. It will seek to identify legal, regulatory, commercial, operational and other challenges relating to the execution of Brexit contingency plans by firms in the UK, EU27 and third countries. Where possible, it will also seek to agree and promote industry solutions to those challenges.
FIA EU27 Brexit Working Group
The purpose of this EU27 Brexit Working Group is to provide a view on Brexit issues from an EU27 perspective. This working group is open to participation by individuals working in an EU27 office of an EU27 primary member of FIA.
FIA Brexit Commodities Working Group
The Brexit issues relating to commodities are very different from those relating to financial futures and cleared swaps, and are often esoteric to the specific commodity in question. The purpose of this Commodities Working Group is to identify the legal, regulatory, commercial, operational and other challenges relating to UK and EU27 commodities markets. It is proposed that the work of this group start by focussing on issues relating to (i) the UK and Irish electricity markets and (ii) the European Emissions Trading Scheme. Other commodity asset classes will be considered if there is sufficient member interest. This working group is open to participation by any FIA member engaged in commodities markets.