Preparedness for no-deal
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European Commission preparedness website
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Commission communications – non-binding statements to EU institutions
- Communication on finalising preparations for the withdrawal of the UK from the EU on 1 November 2019 (COM(2019)394)| Preparedness checklist for companies doing business in the EU and/or UK | Timeline for key EU contingency measures | Press release
(4 September 2019) - Communication on the state of play (COM(2019)276)| Annex 1 – list of legislative preparedness and contingency acts | Annex 2 – list of stakeholders notices per topic
(12 June 2019) - Communication on a coordinated approach (COM(2019)195)
- Communication on implementing the Contingency Action Plan (COM(2018)890)
- Q&A on the consequences of no-deal Brexit
(19 December 2018)
- Q&A on the consequences of no-deal Brexit
- Communication on a Contingency Action Plan (COM(2018)880)
- Annexes
(13 November 2018)
- Annexes
- Communication on increasing preparations for Brexit (COM(2018)556)
- Communication on finalising preparations for the withdrawal of the UK from the EU on 1 November 2019 (COM(2019)394)| Preparedness checklist for companies doing business in the EU and/or UK | Timeline for key EU contingency measures | Press release
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Commission communications for financial services
- Accounting if there’s a no-deal Brexit
(24 May 2019) - Auditing if there’s a no-deal Brexit
(24 May 2019) - Banking, insurance and other financial services if there’s no Brexit deal
- HM Treasury’s approach to financial services under the European Union (Withdrawal) Act
(27 June 2018) - Occupational retirement institutions
(27 April 2018) - Statutory audit
- Credit rating agencies
- Asset management
- Post trade services
- Financial instruments
- Banking services
- Insurance
(8 February 2018)
- Accounting if there’s a no-deal Brexit
Banks – relocation and restructuring issues and notes
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European Banking Authority (EBA)
- Communication of the EBA on the UK withdrawal from the EU (Press release)
(8 October 2019) - Opinion on deposit protection issues stemming from the withdrawal of the UK from the EU
(1 March 2019) - Press release calling for more action by financial institutions in their Brexit-related communication to customers
(17 December 2018) - Opinion on preparations for the withdrawal of the United Kingdom from the European Union
(25 June 2018) - Opinion on issues related to the departure of the United Kingdom from the European Union | press release
(12 October 2017) - Draft technical standards on authorisation of credit institutions(press release) – support the consistent, efficient and rigorous assessment of any applications for authorisation submitted by entities seeking to relocate in the context of Brexit
(14 July 2017)
- Communication of the EBA on the UK withdrawal from the EU (Press release)
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European Insurance and Occupational Pensions Authority (EIOPA)
- Risks and Vulnerabilities in the EU Financial System(Press release)
(02 April 2019) - Recommendations for the insurance sector in light of the UK withdrawing from the EU
(19 February 2019) - Opinion on disclosure of information to customers about the impact of the withdrawal of the UK from the EU
(28 June 2018) - Opinion on service continuity in insurance in light of the withdrawal of the United Kingdom from the European Union
(21 December 2017) - Principles on supervisory approach to relocations of undertakings from UK
(11 July 2017)
- Risks and Vulnerabilities in the EU Financial System(Press release)
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European Securities and Markets Authority (ESMA)
- ESMA Statement – Update on the UK’s withdrawal from the European Union – preparations for a possible no-deal Brexit scenario on 31 October 2019(Press release)
(7 October 2019) - ESMA Statement –Update on the UK’s withdrawal from the European Union – preparations for a possible no-deal Brexit scenario on 12 April (Press release)
(28 March 2019) - Announcement that the UK CSD (Euroclear UK and Ireland Limited) will be recognised as a third country CSD to provide services in the EU in the event of a no-deal Brexit
(1 March 2019) - Announcement that three UK CCPs (LCH Limited, ICE Clear Europe Limited and LME Clear Limited) will be recognised to provide services in the EU in the event of a no-deal Brexit
(18 February 2019) - ESMA and BoE agree no deal memoranda of understanding on UK CCPs and CSD
- ESMA press release
- BoE press release
(4 February 2019)
- ESMA Statement – Update on the UK’s withdrawal from the European Union – preparations for a possible no-deal Brexit scenario on 31 October 2019(Press release)
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- ESMA statementand FCA statement on:
- MoU between ESMA and FCA on the exchange of information relating to the supervision of credit rating agencies and trade repositories; and
- MoU between EU/EEA securities regulators and FCA covering supervisory cooperation, enforcement and information exchange between individual regulators and FCA
(1 February 2019)
- Public statement on readiness to review UK CCPs’ and CSDs’ recognition applications for a no deal Brexit scenario
(19 December 2018) - Public statement: reminder to firms on their MiFID obligations on disclosure of information to clients in the context of the UK withdrawing from the EU
(19 December 2018) - Public statement on managing risks of a no-deal Brexit in the area of central clearing
(23 November 2018) - Public statement on contingency plans of credit rating agencies and trade repositories in the context of the United Kingdom withdrawing from the European Union
(9 November 2018) - ESMA Chair’s speech at WFE Annual Meeting 2018 in Athens on MiFID2 and Brexit preparations
(3 October 2018) - Public statement on timely submission of requests for authorisation in the context of the United Kingdom withdrawing from the European Union
(12 July 2018) - Sector specific opinions on relocations from UK to EU27:
- Investment management
- Investment firms
- Secondary markets
(13 July 2017)
- Opinion to support supervisory convergence on financial market participant relocations to EU27(press release)
(31 May 2017)
- ESMA statementand FCA statement on:
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European Central Bank (ECB)
- ECB newsletter article – Brexit: stepping up preparations
(14 August 2019) - ECB article on impact of potential transition on incoming banks
(16 May 2018) - ECB publishes a newsletter on Brexit: Booking models and “empty shells”, which sets out details of five key areas that the ECB and national supervisors will focus on when assessing booking model practices
(14 February 2018) - ECB publishes notes of September 2017 ECB Legal Conference ‘Shaping a new legal order for Europe: a tale of crises and opportunities’ which includes sessions from Panel 3: Brexit – looking inwards and Panel 4: Brexit – looking outwards
(December 2017) - ECB raises concerns over banks’ relocation plans in an article entitled Brexit: an ECB supervision perspective in the autumn edition of its Supervision Newsletter
(15 November 2017) - ECB launches relocating to the euro area page including FAQs on the relocation of banks to the euro area in the context of Brexit
(12 April 2017)
- ECB newsletter article – Brexit: stepping up preparations
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Single Resolution Board (SRB)
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European Commission
- Commission communication on equivalence in the area of financial services(Webpage) (Press release)
(29 July 2019) - Statement: Technical adjustments to financial services contingency measuresto reflect the Decision of the European Council of 22 March to extend the period under Article 50
(25 March 2019) - Commission Implementing Decision (EU) 2018/2030 of 19 December 2018 determining, for a limited period of time, that the regulatory framework applicable to central securities depositories of the United Kingdom of Great Britain and Northern Ireland is equivalent in accordance with Regulation (EU) No 909/2014 of the European Parliament and of the Council
- Commission Implementing Decision (EU) 2018/2031 of 19 December 2018 determining, for a limited period of time, that the regulatory framework applicable to central counterparties in the United Kingdom of Great Britain and Northern Ireland is equivalent, in accordance with Regulation (EU) No 648/2012 of the European Parliament and of the Council
- Speech by Valdis Dombrovskis, European Commission Vice-President, on equivalence as a potential solution for the UK after Brexit
(24 April 2018) - European Commission publishes notices addressed to stakeholders on legal and practical implications of the UK withdrawing from the EU without a transitional period, under which scenario all EU primary and secondary law would cease to apply to the UK from the withdrawal date relating to financial services (8 February 2018)
- Commission communication on equivalence in the area of financial services(Webpage) (Press release)
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European Parliament
The European Parliament adopted a resolution on relationships between the EU and third countries concerning financial services regulation and supervision following an ECON Committee own-initiative procedure (the Hayes Report).
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- Resolution
(11 September 2018) - Final report
(30 August 2018) - Draft report on relationships between the EU and third countries concerning financial services regulation and supervision
- (4 April 2018)
- Resolution
