Brexit

Through our work, we seek to inform regulators and policymakers about the potential impact of Brexit on our members and their clients, with a particular focus on the importance of maintaining market efficiency and financial stability. We also seek to support our members throughout the process.

AFME takes a firmly fact-based approach in our engagement on Brexit, acting as a bridge for conveying market expertise and insight to policymakers and regulators across Europe.

Our work has included:

• Highlighting the implications of Brexit for banks and end users of wholesale markets;
• Identifying risks and uncertainties arising from a no-deal scenario and Working with our members, policymakers and regulators to address these;
• Supporting our members through the process by keeping them updated and providing a forum to consider regulatory issues;
• Engaging with EU and UK policymakers and regulators;
• Providing input on relevant legislative changes and temporary permission regimes in the UK and EU

 Latest publications 

• Brexit: Remaining no-deal risks in financial services (16 July 2019)
• Brexit – Recognition of EEA derivatives trading venues under EMIR and MiFIR as they apply in the UK after Brexit (08 April 2019)
• Joint Trade Associations Letter on the Equivalence of UK Trading Venues (28 February 2019)
• Joint letter to VP Dombrovskis – Temporary Equivalence and Recognition in relation to UK CCPs (7 December 2018)
• Brexit: Recognition of Resolution Actions (November 2018)
• AFME letter to VP Dombrovskis – Preparations for a “no deal” Brexit scenario (12 October 2018)
• Contractual Continuity in OTC Derivatives Challenges with Transfers (July 2018)
• GFMA letter to ECB and Bank of England regarding technical working group on Brexit risks (May 2018)
• Effective flow of personal data post-Brexit (April 2018)
• How might wholesale financial services contracts be impacted by Brexit?(February 2018)
• Brexit: Key cliff edge risks in wholesale financial services(January 2018)
• Impact of Brexit on cross-border financial services contracts (September 2017)
• The need for early clarity on a Brexit transition (September 2017)
• Bridging to Brexit: Insights from European SMEs, Corporates and Investors (July 2017) 
• Implementing Brexit: Practical challenges for wholesale banking in adapting to the new environment (April 2017)
• Planning for Brexit - Operational impacts on wholesale banking and capital markets in Europe (January 2017)
• The UK Referendum: Challenges for Europe's Capital Markets (March 2016)

House of Lords Evidence 

On 18th October 2017, AFME Chief Executive, Simon Lewis, gave evidence to the House of Lords EU Financial Affairs Sub-Committee on regulation and supervision of financial services post-Brexit -  Click here to watch

Consultation responses

• Consultation Response: FCA CP 18/28 Brexit: proposed changes to the Handbook and Binding Technical Standards – first consultation: This response sets out AFME’s views on the FCA’s proposed changes in the context of the EU Withdrawal Act. (7 December 2018)

• Consultation Response: FCA CP 18/36 Brexit: proposed changes to the Handbook and Binding Technical Standards – second consultation: This response sets out AFME’s views on the FCA’s proposed changes in the context of the EU Withdrawal Act. (21 December 2018)