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.