28 Mar 2018

AFME welcomes Bank of England update on approach to Brexit preparations for banks

Following the update from the Bank of England today on its approach to how banks and other financial services firms should prepare for Brexit, Simon Lewis, Chief Executive of AFME, said:

“We welcome this further guidance from the Bank of England, confirming that member firms can plan on the basis of the transitional period agreed last week.

“We also welcome the publication of the final policy on the authorisation of branches of international banks, providing further clarity for banks. It will now be important for the UK and EU regulators to put in place cooperation arrangements to support this.

“While this additional regulatory clarity is very helpful, the approach of the regulators in the EU27 will also be key in achieving the objective of an orderly withdrawal. We hope that over the coming weeks, much-needed further clarity can be provided on issues such as contractual continuity, access to financial markets infrastructure and data flows.”

– ENDS –