Britain’s 2016 vote to leave the EU prompted banks to call
for a “standstill” transition and new trading terms to avoid hasty
decisions on moving staff and operations to meet EU regulators’ demands
to do so by “Brexit Day” in March 2019.
“There won’t be
legal certainty for a while even if they reach political agreement in
March,” Oliver Moullin, head of Brexit at the Association for Financial
Markets in Europe, said.
That poses a “tricky question”
for the banking trade body’s members in deciding how much they can rely
on a political deal, which may not become legally watertight until
year-end, as the basis for their Brexit planning, Moullin said.
Transition is one part of a divorce deal which will not be formally approved by governments until October or later.
The
issue is hotly debated within the British government itself and Prime
Minister Theresa May met with senior ministers on Thursday to agree on
what sort of future trade deal to ask from Brussels to follow
transition.
Source: Yahoo News
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