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Short-term implications of Brexit for the financing of the EU economy and financial stability

Short-term implications of Brexit for the financing of the EU economy and financial stability

Day 1 Morning

Wednesday 03 April

Room :

Grand Ballroom - Roundtable

Speakers

Chair
David Wright
President, EUROFI
Public Authorities
Giulia Bertezzolo
Director, Horizontal Policies, DG FISMA, European Commission
Mario Nava
Director, Horizontal Policies, DG FISMA, European Commission
Harald Waiglein
Director General for Economic Policy and Financial Markets, Federal Ministry of Finance, Austria and Member of the Board of Directors, ESM & EFC
Industry Representative
Ian Jameson
Managing Director, General Counsel and Chief Legal Officer, EMEA Region, SMBC

Objectives of the session

The objective of this session is to discuss the short term implications of Brexit for the European financial sector and more broadly for the financing of the EU economy and financial stability, taking into account the latest state of negotiations, the transitional arrangements defined and the changes that have been implemented or planned by the financial industry in anticipation for a possible no-deal Brexit (i.e. setting up of subsidiaries or new HQs in the EU, transfer of assets, contractual continuity provisions… ).

Points of discussion

Is the level of preparation of the financial industry sufficient to allow it to function smoothly and ensure continuity of service, whatever the outcome of EU-UK Brexit negotiations? Are end-customers up to speed? Are there still some important pending operational or supervisory issues? Are the transitional arrangements that have been granted bilaterally fit for purpose?

Given these preparations and the transitional arrangements in place, can any significant frictions or supplementary risks be expected from Brexit in the short term? What are the likely impacts (in terms of cost, complexity or risk) after the end of the transitional arrangements?