The AEMF statement highlights the priorities that European management authorities will take into account when reviewing the 2019 annual financial reports of listed companies, including IFRS 9 (financial instruments of credit institutions), the potential effects of switching from one interest rate benchmark rate to another and the importance of information on the analysis of the potential effects of Brexit. 33This is not bad news. The British economy has long been distorted by the considerable importance of financial services and the London area. A more balanced distribution of financial services among other European cities may have the advantage of not distorting national economic structures. Similarly, excessive growth in financing in the United Kingdom and, more generally, in the global economy is a mixed advantage. Finance is widely described as better at attracting wealth from other sectors and business populations instead of creating new wealth and, as a result, harming large-scale growth.31 A more fragmented and less powerful financial sector in the European Union could bring some benefits in terms of income and wealth equality. 30 Moreover, the nationalism that fuelled Brexit and its anti-immigration rhetoric could reduce London`s appeal as a global target for talent who want to work in financial services. Britain and especially London were global before the Brexit referendum: EU membership has never prevented others from operating on world markets. Such openness to the world was part of London`s temptation as a goal, where foreigners were welcome, and is tarnished by the entire Brexit process. Again, London will not be immediately threatened by a clear European rival, but its international lead will be loosened when highly skilled footless people look for other places. At the end of June 2020, the deadline for UK-EU equivalency assessments has been set; However, this deadline was not met. The failure of an equivalency assessment means that if no trade agreement is reached, UK businesses will not be able to continue to provide financial services without regulatory barriers or cost implications. November 13, 2020: We have issued a statement on the application of temporary transitional power to the derivative legislation CRD V and BRRD II.
We have also added guides to the temporary Transitional Power website, which support the draft transitional instructions published under CP13/20 “UK Withdrawal from the EU: Changes Before the End of the Transition Period.” The political declaration provides for the granting of adequacy status to the United Kingdom before the end of the transition period, until December 2020, and confirms that the European Commission will begin to assess the adequacy as soon as possible after the UK`s withdrawal. the withdrawal agreement sets out the conditions for the UK`s withdrawal from the EU, including the consolidation of citizens` rights, the organisation of the cooperation structure and judicial and administrative procedures, the temporary maintenance of the customs union, the establishment of the framework for relations during a transitional period and beyond, and the processing of financial accounts to be regulated by the United Kingdom. This IS has been done. It corrects deficiencies in UK domestic law and has upheld EU law. It amends a number of EU exit instruments for financial services, including: MiFID/MiFIR, insider trading, equivalence, financial supervisory authorities` powers, money funds, Solvency II and securitisation. Eleven months (the duration of the transitional period) is an unusually short period during which a comprehensive trade agreement can be negotiated and ratified.
Comments are closed, but trackbacks and pingbacks are open.