EC Establishes Task Force for Relations with UK for Brexit Work
EC announced that it will set up a Task Force for Relations with the UK (UKTF) as part of the Secretariat-General. The new Task Force will include the current Task Force for the Preparation and the Conduct of the Negotiations with the UK under Article 50 Treaty on European Union (TF50) and the Brexit preparedness unit of the Secretariat-General. The new Task Force, just like TF50, will coordinate the work of EC on strategic, operational, legal, and financial issues related to Brexit. This decision will take effect on November 16, 2019, regardless of developments in the UK.
This has been agreed in close coordination between the EC President Jean-Claude Juncker and the EC President-elect Ursula von der Leyen. Michel Barnier has been appointed as head of the Task Force and will be supported by a Deputy Head of the Task Force, at the Deputy Director-General level. EC will be in charge of the finalization of the Article 50 negotiations, the no-deal preparedness work, and the future relationship negotiations with the UK. The new Task Force will operate under the direct authority of the President and in close cooperation with the Secretariat-General and all Commission services concerned. Once the withdrawal agreement is ratified by the UK Parliament and the European Parliament has given its consent, EU will be ready to immediately kick-off work leading to negotiations on its future relationship with the UK, in full respect of European Council guidelines.
Related Link: Press Release
Keywords: Europe, EU, UK, Banking, UKTF, TF50, Brexit, Michael Barnier, Article 50, EC
Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
