The United Kingdom’s withdrawal from the European Union presented unprecedented challenges for the U.K.’s financial services sector. On the day after the 2016 referendum, the FMLC established the Brexit Advisory Group (formally the High Level Advisory Group on Brexit). The Advisory Group was composed of experts in financial services and in law and guide the FMLC’s work on issues of legal uncertainty arising from Brexit affecting the wholesale financial markets. This included relevant constitutional questions, issues relating to the manner of Brexit, issues arising from the terms of any new relationship with the E.U. and proposals for new U.K. legislation. Minutes of past minutes are available below.
In July 2021, the Committee resolved to discontinue meetings of the Brexit Advisory Group. As Brexit had come to pass, the original remit of the Group, which was focused on the legal uncertainties which may potentially arise in the context of the U.K.’s vote to leave the E.U., no longer seemed reflective of the market’s priorities. Going forward, as the financial services adjust to a post-Brexit reality, the Committee hopes that specific uncertainties will be raised through the FMLC’ sector-focused Scoping Forums, a list of which may be found here.
Members of the Brexit Advisory Group met on 31 March 2021. They discussed the prospects for Scottish independence and the upcoming Scottish elections, the Financial Services Bill, the Trade Bill and the National Security and Investment Bill. The agenda for the meeting is available...
Members of the Brexit Advisory Group met on 14 January 2021. They discussed the U.K.-E.U. Trade and Cooperation Agreement, the European Union (Future Relationship) Bill 2020, the Financial Services Bill 2019-21 and expected negotiations on future financial services arrangements. The agenda and minutes of...
This ad hoc meeting of the Brexit Advisory Group convened on 8 December 2020. Members discussed the U.K. Japan trade deal, the status of the U.K.’s application to join the Lugano Convention, remaining Brexit: “cliff edge” uncertainties, the U.K. Internal Market Bill and the...
Members of the Brexit Advisory Group met on 10 November 2020. They discussed the upcoming U.S. Presidential Election, the U.K. Internal Market Bill and Financial Services Bill. The agenda for the meeting is available to download. Regrettably, there are no minutes to download of...
Members of the Brexit Advisory Group and Infrastructure Scoping Forum met on 10 September 2020. They discussed the significance of the E.U.’s intention to adopt a CCP “time limited” equivalence decision for U.K. Central Counterparties (“CCPs”), the U.K’s post-Brexit CCP regime and the European...
Members of the Brexit Advisory Group met on 22 June 2020. They discussed the Private International Law (Implementation of Agreements) Bill 2019-21, the Corporate Insolvency and Governance Bill 2019-21 and a paper published by the Scottish Government entitled “COVID-19: The Case for Extending...
This meeting of the Brexit Advisory Group was cancelled owing to circumstances related to the COVID-19 pandemic.
Members of the Brexit Advisory Group met on 6 January 2020. In light of the general election result, they discussed the procedural environment in the House of Commons with respect of the debate around the European Union (Withdrawal Agreement) Bill and prospects of a...