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EU watchdogs give banks no leeway on Brexit-driven hub demands

European Union regulators are refusing to cut British-based banks any slack over bulking up in the bloc in preparation for Brexit, despite an extension to the process which some have taken as an opportunity to drag their feet. Cost-conscious banks are reluctant to spend millions more and cause further disruption… Read More

Brexit inertia means London’s finance workers face summer slump

The weeks before Easter are usually some of the busiest of the year for bankers, lawyers and consultants in the City of London, as clients rush to get deals done before a run of public holidays. But this year comparatively little has been happening. City workers had been hoping the… Read More

UK Launches 5AMLD Consultation with Eye on Post-Brexit Era

The United Kingdom is seeking input on its planned implementation of the European Union’s fifth anti-money laundering directive (5AMLD) as the government continues to negotiate an exit from the economic bloc. In a consultation paper published Monday, HM Treasury said it would seek stakeholder commentary on the directive through… Read More

14th April 2019

UK fears Brexit could hurt global hunt for new BoE governor

British finance minister Philip Hammond has fired the starting gun for the race to succeed Bank of England Governor Mark Carney, but concerns about Brexit may keep some potential contestants on the sidelines. Britain is unusual in throwing open the invitation to run its central bank to candidates from around… Read More

11th April 2019

Trick or treat? EU, UK agree to delay Brexit until Halloween

AP — As if Brexit hadn’t spooked Britain and the European Union enough over the past three years, the two sides agreed early Thursday to extend the deadline to Halloween. The new, Oct. 31 cutoff date averts a precipitous and potentially calamitous Brexit that had been scheduled for Friday. “Please,… Read More

3rd April 2019

EU warns of liquidity risks, financial disruption from no-deal Brexit

A no-deal Brexit would cause disruption and might also have an impact on liquidity in financial markets, the European Union commissioner in charge of financial services said on Tuesday in a stark reminder of the risks posed by a hard Brexit. The EU has put in place a series of… Read More

1st April 2019

Britain gives EU banks more time for no-deal Brexit preparations

Britain’s financial regulators have given European Union banks, insurers and asset managers more time to decide whether to continue serving British customers if there is a no-deal Brexit. Britain introduced a “temporary permissions regime” or TPR for EU financial firms to notify UK regulators if they want to continue serving… Read More

27th March 2019

EU watchdog sees no imminent banking risks from no-deal Brexit

Euro zone banks face no imminent risks from a no-deal Brexit, the head of the European Union agency responsible for handling failing lenders said on Tuesday. The reassuring message came as Britain grapples with its worst political crisis in decades ahead of an April 12 deadline to secure a deal… Read More

21st March 2019

UK banks moving over 1 trillion euros of assets to EU over Brexit – ECB

Seven big banks are moving around 1.2 trillion euros (1.03 trillion pounds) of assets from Britain to the euro zone as part of their preparations for Brexit, European Central Bank supervisor Ignazio Angeloni told Bloomberg. “We expect seven significant institutions to come under ECB supervision at the outset, of which… Read More

14th March 2019

UK lawmakers vote against no-deal Brexit, now aim for delay

AP — In a tentative first step toward ending months of political deadlock, British lawmakers voted Wednesday to block the country from leaving the European Union without a divorce agreement, triggering an attempt to delay that departure, currently due to take place on March 29. Parliament… Read More

8th March 2019

UK must not win trade deals by going soft on economic crime after Brexit: lawmakers

Britain must not go soft on anti-money laundering standards to win trade deals after it leaves the European Union, a panel of lawmakers said on Friday. The report on economic crime from parliament’s Treasury Select Committee (TSC) also called for better estimates for such crimes, and for a single supervisor… Read More

20th February 2019

Germany warns it will stop extradition of its citizens to UK after Brexit – FT

Berlin will stop extraditing Germans to Britain immediately after Brexit even if it leaves the European Union with a deal, the Financial Times reported on.ft.com/2DPMBED on Sunday, citing a formal notification submitted by Germany to the European Commission last week. By Kanishka Singhm, Reuters, 17 February 2019. Link to… Read More

15th February 2019

Banks have not moved enough staff from London to EU for Brexit: Bundesbank

FRANKFURT (Reuters) – Some banks that conduct their euro zone business from London have failed to meet regulators’ expectations to move enough staff into other EU countries in time for Brexit, the German bank supervisor Joachim Wuermelling said on Thursday. “Not all SSM banks are currently fully compliant with the… Read More

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