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19 July 2018

Brexit Weekly


May softer Brexit White Paper, calls for second referendum, ESMA reminder, Euro clearing, capital markets union, Britain's services exports to the EU fall, EU deal with Japan and more.

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  Articles from 12 July 2018 - 19 July 2018

  Brexit & UK
 
 
Financial Times: Theresa May unveils plans for softer Brexit
Prime minister Theresa May unveiled her proposals for the UK’s future relationship with the EU in a Brexit white paper that sets out plans for an “association agreement” of the kind recently agreed between Brussels and Ukraine.  View Article
Financial Times: Bank of England needs freedom to set tough rules, says Mark Carney
The UK must have the freedom to adopt tougher regulation of the financial services industry than the EU after Brexit, the Bank of England governor said.  View Article
Tony Blair: The ‘in-betweener’ solution is the ‘worst of all worlds’. Parliament should reject it.
The former Prime Minister writes that the White Paper's "solution – half in/half out – won't work, won't end the argument and will simply mean a confused outcome in which we continue to abide by Europe’s rules whilst losing our say over them," so "Parliament should reject this solution decisively."  View Article
The Guardian: Justine Greening endorses second Brexit referendum
Justine Greening has said she believes other senior Conservative MPs also support the idea of a second referendum to end a likely parliamentary deadlock on Brexit, after she became the most high-profile Tory to endorse such a move.  View Article
ESMA reminds UK-based regulated entities about timely submission of authorisation applications
ESMA is issuing this Public Statement in order to raise the awareness of all market participants on the importance to prepare for the possibility of no agreement in the context of the United Kingdom withdrawing from the European Union.   View Article
BIS: Yves Mersch: Euro clearing - the open race
Keynote speech by Mr Yves Mersch, Member of the Executive Board of the European Central Bank, at the Frankfurt Finance Summit, regarding importance of central counterparties (CCPs), new developments and current challenges and recent regulatory reforms.  View Article
Financial Times: EU urged to ‘redouble’ capital markets union push as Brexit looms
A group of European countries are urging the EU to “redouble” flagging efforts to build a single market for capital, warning that Brexit and looming EU elections mean that “time is not on our side” to drive forward a project aimed at increasing financing opportunities for companies.  View Article
Financial Times: EU to change share-trading rules in fear of hit from Brexit
European markets regulators plan to rewrite part of their new share trading rules as concerns grow they may lose business to London after the UK leaves the EU next year.  View Article
Financial Times: French central bank presses UK fintech companies on Brexit strategy
The French central bank has turned up the pressure on hundreds of British payment providers and digital finance companies that have customers in France by asking them for details of their Brexit contingency plans.  View Article
Financial Times: London and Dublin in talks over access to Ireland-domiciled funds
Markets regulators in London and Dublin have started discussions over an agreement to ensure British investors can access funds domiciled in Ireland after Brexit.  View Article
The Federal Trust: Mrs May has no choice but to obey Jacob Rees-Mogg
Prime Minister May does not and cannot set her own course in the Brexit negotiations. Jacob Rees-Mogg and those who think like him have a veto on all her European policies, a veto they are now every day more confident and determined in applying.   View Article
Investment & Pensions Europe: German bank sector pension fund claims Brexit-related client win
One of Germany’s largest pension providers has said it is attracting business from foreign banks responding to the UK’s impending departure from the European Union.  View Article
OMFIF: Brexit and the problem of sovereignty
Joergen Oerstroem Moeller writes that, after the release of the UK's Brexit White Paper, it appears the UK has merely rejected the pooling of sovereignty within an institutional framework and instead opted to give away sovereignty to independent arbitrators, EU institutions and 27 European nations.  View Article
Commercial Risk Europe: No regulatory race to bottom after Brexit says FCA chair
UK insurers and banks do not want to see a regulatory race to the bottom after Brexit, chair of the Financial Conduct Authority (FCA) Charles Randell said.  View Article
City AM: Britain's services exports to the EU fell with a year to go to Brexit
The UK's services exports fell in the first quarter of the year because of a big decline in trade with the EU a year ahead of Brexit, data released today show.  View Article
Financial Times: Lloyds Bank to open three EU subsidiaries after Brexit
Lloyds Banking Group plans to run three separate subsidiaries in continental Europe after Brexit, as new regulations designed to prevent a repeat of the financial crisis complicate its access to European markets when the UK leaves the EU.  View Article
Financial Times: EU strikes data deal with Japan with UK looking on
The EU and Japan inked a deal to create the world's largest open area for trade.  View Article
BBC: UK will lose track of many EU migrants after Brexit - report
Tens of thousands of EU migrants could lose their right to be in the UK after Brexit - and the authorities will not know who they are, a new report by the Migration Observatory warns.  View Article
The Guardian: Migration to UK from EU falls to lowest level for four years
Data from the Office for National Statistics released on Monday showed net long-term migration to the UK from the EU was 101,000 in 2017 – the lowest level since the year ending March 2013.  View Article
 

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