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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
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  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

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  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
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Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

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  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Senior Associate
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

EU Financial Regulators highlight the risks of a no-deal Brexit in the EU Financial System

On 12 September 2019, the Joint Committee of European Supervisory Authorities published the latest report on the risks and vulnerabilities to the EU financial system in the event that the UK and EU fail to reach a withdrawal deal on Brexit. The report highlights that the EU’s banking, insurance, pensions and securities sectors continue to face a significant risk.

In light of the ongoing uncertainties, especially those around Brexit, supervisory vigilance and cooperation across all sectors remain significant.

The report stresses the need for the public and private sectors to prepare for the impact of a no-deal Brexit on financial activities especially in light of the postponement of the Brexit date. While the report acknowledges a degree of “Brexit fatigue” in the financial sector, supervisors continue to encourage institutions to prepare contingency plans for a no-deal and have themselves set further steps in motion to minimise negative impact on financial markets.

Some good news in this regard is that in the event of a no-deal Brexit, the existing ESMA-coordinated Memoranda of Understanding between UK authorities and European securities regulators, will help to avoid some cliff-edge risks.

The joint committee comprises the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the European Supervisory Authorities (ESAs).

The joint committee report can be found here.

ESMA’s news release can be found here.