The European Commission has today recommended the European Council (Article 50) to endorse the agreement reached at negotiator level on the Withdrawal Agreement, including a revised Protocol on Ireland / Northern Ireland, and approve a revised Political Declaration on the framework of the future EU-UK relationship. The Commission also recommends that the European Parliament give its consent to this agreement. This follows a series of intensive negotiations between the European Commission and UK negotiators over the past few days. Continue reading…

With 8 weeks to go until the United Kingdom’s withdrawal from the European Union on 31 October 2019, the Commission has today – in its 6th Brexit preparedness Communication – reiterated its call on all stakeholders in the EU27 to prepare for a ‘no-deal’ scenario. In light of the continued uncertainty in the United Kingdom regarding the ratification of the Withdrawal Agreement – as agreed with the UK government in November 2018 – and the overall domestic political situation, a ‘no-deal’ scenario on 1 November 2019, remains a possible, although undesirable, outcome.

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UK nationals living in the EU, who may struggle to complete the necessary residency applications, will be helped by measures. The Government is providing up to £3 million in grant funding for charities and other voluntary organisations who will inform UK nationals about the need to register or apply for residency and support them as they complete their applications.

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The Netherlands Authority for the Financial Markets (AFM) and the Financial Conduct Authority (FCA) recently announced that they will collaborate more closely. This should better protect and improve the integrity and stability of the financial system in both countries. The agreement between the British and Dutch regulators was signed last Monday, 3 June. Since the United Kingdom announced its intention to leave the EU, several financial companies that are currently active in the United Kingdom and the Netherlands have applied for a permit to work in both countries. Close cooperation and exchange of information between the FCA and AFM is therefore important for the development of international financial markets and for effective supervision of both companies and capital markets.
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The European Securities and Markets Authority (ESMA) has further considered the impact of the United Kingdom (UK) leaving the European Union (EU) without a withdrawal agreement (no-deal Brexit) on the trading obligation for shares (STO) under Article 23 of MiFIR and in the absence of an equivalence decision in respect of the UK by the European Commission (EC).

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The Financial Conduct Authority (FCA) has published its final instruments and guidance that will apply in the event the UK leaves the EU without a deal or an implementation period. As the UK prepares to leave the EU, the FCA has been working to deliver a transition that is as smooth as possible. The package of documents published contains the majority of the final instruments and guidance, following the February publication of the FCA’s Policy Statement with near-final instruments.
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The Commission has kick-started the debate on reforming decision-making for areas of EU taxation policy, which currently requires unanimity among Member States. This unanimity often cannot be achieved on crucial tax initiatives, and can lead to costly delays on sub-optimal policies. The Communication published today suggests a roadmap for a progressive and targeted transition to qualified majority voting under the ordinary legislative procedure in certain areas of shared EU taxation policy, as is already the case with most other EU policy areas. This possibility is envisaged by the EU Treaties.
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With just over three months until the UK exits the EU, the government has made preparing for a no-deal an operational priority and has issued advice to businesses urging them to be prepared. The following article is an extract from Airmic’s briefing paper on this development. How is the UK government preparing for a no-deal? The government has committed to prioritising stability for citizens, consumers and businesses, to ensure the smooth operation of business, infrastructure and public services and to minimise any disruption to the economy in the event of a no-deal.
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Commission sets out EU’s economic and social priorities for 2019 and confirms Italy’s serious non-compliance with the Stability and Growth Pact. The Commission adopted the Autumn package which represents the beginning of the 2019 European Semester cycle of economic and social policy coordination. Today’s package is based on the Autumn 2018 Economic Forecast and builds on the priorities set out in President Juncker’s 2018 State of the Union address.
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The European Commission issued its latest reports on steps taken by Bulgaria and Romania to meet their commitments on judicial reform and the fight against corruption, and in the case of Bulgaria organised crime, in the context of the Cooperation and Verification Mechanism. The report on Bulgaria looks at the progress made over the past year to meet the final 17 recommendations issued by the Commission in the January 2017 report and positively notes Bulgaria’s continued efforts and determination to implement those recommendations. The Commission is confident that Bulgaria – if it pursues the current positive trend – will be able to fulfil all the remaining recommendations and thereby the outstanding benchmarks. This will enable the Cooperation and Verification Mechanism process for Bulgaria to then be concluded before the end of this Commission’s mandate – in line with the orientation given by President Jean-Claude Juncker when he started his term of office.
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