CSFI 'Brexit' Programme


Whatever your feelings about the recent referendum, it is clear that, as far as the City and UK financial services more generally are concerned, the EU still matters.

Accordingly, the CSFI will continue with our monthly Brussels for Breakfast meetings (see below). We will also build a mini-programme around the various issues that the Brexit negotiations will inevitably bring up.

We are not going to take any particular ideological line, but we do hope that we will be able to provide a forum for those who have done serious work on the issues surrounding Brexit and the alternatives open to the City.

Whatever, below is a list of some of the topics that we are hoping to cover - through round-tables, dinners and possibly working groups. Any thoughts on how these could be expanded/amended would be appreciated. Please email Angus Young with your thoughts.

What negotiating strategies are available to the UK - and how would each of these affect the City?

The UK's wider negotiating strategy will shape how, and to what extent, the City can influence the details of its new relationship with the European Union. This will therefore be the first round-table in our post-refendum series (or the second, if you include our rapid reaction discussion on June 27). First of all, some Leavers are considering whether Article 50 is even necessary - or whether Brexit can be achieved by amending the 1972 European Communities Act. If (as seems most likely) Article 50 is the way forward, when should it be invoked (and how long does the City need to get its negotiating ducks in a row)? Third, and perhaps most important for the City, should the negotiation be limited to those core principles for which there is a mandate from the public (such as limits on freedom of movement), with the thicket of Single Market rules and regulations transplanted wholesale into UK law? Or should the City promote a line-by-line re-thinking of the regulatory apparatus under the umbrella of the wider exit process?

What are the priorities for reform?

If there was scope for a line-by-line negotiation of financial services regulation as part of Brexit, what would the various interests in the City want to discard, amend or preserve from the existing regulatory set-up? These discussions may be organised around major regulatory items, such as CRD IV, MiFID II / MiFIR, AIFMD, EMIR, Solvency II and PSD II.

What are the cross-cutting 'big themes'?

We may look at some wider themes affecting the City as a whole. How will Brexit affect London's status as a FinTech centre? Is there any evidence of a 'brain drain'? How should City institutions navigate the Brussels environment during and post-Brexit? And how will Brexit affect the UK's voice in global regulatory forums?

Opportunities await? City priorities for non-EU trade deals.

As the Brexit picture becomes clearer, more attention will need to be paid to potential trade deals the UK can form with non-EU countries. What does the City want to see in deals with the US, China, India and the rest?