European Union:
EU And UK To Establish Technical Working Group For Risk Management Around Brexit
08 May 2018
Shearman & Sterling LLP
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On April 27, 2018, the European Commission and HM Treasury
announced that the ECB and the Bank of England will establish a
technical working group on risk management in the period around
March 30, 2019 for financial services. The U.K. leaves the EU on
March 29, 2019, although the provisionally agreed transition period
means that most EU laws will continue to apply in the U.K. until
December 31, 2020.
The Terms of Reference for the working group state that the
European Commission and HM Treasury will attend the group as
observers. Other regulatory authorities will be invited to attend
on an issue-specific basis.
The announcement is available at: https://ec.europa.eu/info/sites/info/files/20180427-financial-services-technical-working-group.pdf
and the terms of reference are available at: https://ec.europa.eu/info/sites/info/files/terms-of-reference-eu-uk-cooperation-risk-management-financial-services_en.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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