ECB and BoE Convene Technical Working Group on Risks Related to Brexit
ECB and BoE will convene a technical working group on risk management around March 30, 2019 in the area of financial services. The President of ECB and the Governor of BoE will chair this group while EC and HM Treasury will attend as observers. Additionally, other relevant authorities will be invited on an issue-specific basis.
ECB and BoE will report regularly to EC and HM Treasury. This technical work is separate from the ongoing negotiations on the Withdrawal Agreement between the EU and the UK and from the negotiations on the overall understanding of the framework for the future relationship between the EU and the UK. The legal text of the draft Withdrawal Agreement agreed between the EU and the UK negotiators covering the transition period would mean, when ratified, that Union law, including in relation to financial services, shall be applicable to, and in, the UK until December 31, 2020. However, the primary responsibility to prepare for Brexit remains with market participants.
Related Link: Press Release
Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Technical Working Group, BoE, ECB
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