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The great negotiation

With the Brexit hangover slowly starting to recede it is perhaps time to start focusing on the road ahead. Regarding the immediate future there is at least some certainty, as we can assume that implementing EU regulation in the UK will progress regardless. Both the FCA and the European Commission have correctly pointed out that the UK remains a full member of the EU, with all its rights, responsibilities and privileges, until it formally exits the Union. So unless you assume that those exit negotiations will conclude very soon, MAR goes live next Monday, the UK has to transpose MiFID II into national law by July 2017 and it will finally apply in January 2018.

However, uncertainty remains regarding the situation once the exit has been concluded. Reading all the comments made by Francois Hollande, Boris Johnson and Markus Ferber, they only highlight to me that all views are merely bargaining chips on a gigantic political negotiating table. And while some arguments might appear more reasonable than others, the outcome for financial services is anyone’s guess at this stage, particularly when you throw into the mix the various social and economic wish lists of each side. Given the importance of the negotiations, and the need for careful diplomacy, let’s just hope they go better than their rocky rehearsals.


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