There have been a few developments on both the financial side of regulation in Brexit thinking since our last update (see here).
On the financial side, ISDA has issued this FAQ on Brexit. It is a “short” version, with a longer version only being available to members. It covers, contractual, access, and regulatory issues considering both the draft withdrawal agreement as well as in some cases a “no deal” scenario. In their recent document here on “risk and vulnerabilities”, the European Supervisory Agencies, (ESMA, the EBA and EIOPA) see Brexit as a key risk and recommend timely action in terms of new authorisation and arrangements, on the basis that the final form of the withdrawal agreement may not be known for some time.
In the meantime, the FCA has published the business plan for next year (here). This gives Brexit as a priority. This article on the Citywire web site discuses the £30m cost estimate of Brexit, with some money coming from re-prioritisation, some coming from a levy and some coming from “scope change”. The House of Commons published a report here on the 4th April on “The future UK-EU relationship”. This article on the paper on the National Law Review web site site by Katten Muchin Rosenman LLP points to a test where “UK providers of financial and other services should be able to retain automatically, or with minimal additional administration, their rights of establishment in the European Union, and vice versa, where possible on the basis of mutual recognition of regulatory standards.”
Despite all of this, many are more optimistic than previously about the prospects of the UK after Brexit. This article on the Daily Telegraph web site reports on an analysis by EY, examining company flotations data, predicting that London will remain a leading financial centre after the UK leaves the EU.
As the dates move nearer and government negotiations continue, there will likely be more news on both the financial and energy sides of things.