Brussels for Breakfast (144)

To be held on Tuesday, September 11, 2018



  • Graham Bishop (Graham's video invitation can be viewed here)

  • Angus Canvin (UK Finance)

  • Mark Foster (Kreab)



It’s the rentrée… when our lords and masters in Brussels tear themselves away from the beaches and decide what rules and regulations they are going to hit us with in their continuing campaign to cut the City of London down to size. Or, if you believe in the benevolence of European bureaucracy, to make finance work better for all of us.

Whatever… As is our new policy, we will eschew the politics of Brexit – but we obviously cannot avoid the repercussions of the Chequers agreement, and indeed the prospects for a bespoke deal on financial services. Our guide (as usual) is Graham Bishop, and he has highlighted:

  • the UK’s push for “enhanced equivalence” when it comes to financial services regulation;
  • ESMA’s warning that companies should prepare for a ‘hard’ Brexit;
  • the continuity issue for derivative and insurance contracts; and 
  • the growing appreciation that Brexit will hit Continental firms, as well as the City.

Beyond Brexit, the Brussels agenda for the Autumn appears set to focus on:

  • money laundering;
  • a replacement for LIBOR;
  • more work on EU NPLs;
  • an EU-wide personal pension product;
  • new KID guidance for PRIIPS; and
  • auditor concentration.

Backing up Graham for the first meeting of the new term will be:

  • Angus Canvin, UK Finance’s Director of International Affairs, with responsibility for its international and EU engagement. Prior to that, he was head of Brexit and senior adviser at the Investment Association, and before that spent three years at Goldman as an executive director for government affairs after more than a decade as a policy maker at the Bank of England, European Parliament and FSA.
  • Mark Foster, a partner at Kreab in Brussels, where he is also Vice-chair of the American Chamber of Commerce’s Financial Services and Company Law Committee. Prior to joining Kreab, he was a senior Parliamentary Officer at UKREP and, before that, a Parliamentary Assistant at the EP.

There is a lot to cover, even without the concerns around Brexit. But the uncertainties over the negotiations do make everything extra-difficult. So, come and share your thoughts/concerns/hopes (but let us know first, by phoning us on 0207 621 1056 or by emailing As usual, there will be coffee, tea and buns.

Sincerely yours,

Andrew Hilton