UK and EU financial regulators sign contingency deal for No Deal Brexit

UK financial regulators have signed a deal with their EU counterparts, which will allow them to share information and co-operate even in a No Deal scenario. 

The Chief Executive of the UK’s Financial Conduct Authority, Andrew Bailey, said, “The bilateral MoUs [memorandum of understanding] will ensure that there will be no interruption in exchange of supervisory information in the event of a no-deal exit from the EU. 

It sends a clear signal of the determination of the UK and EU authorities to work together. 

The MoUs build on years of continued working, and will ensure these can carry on if the UK leaves the EU without an agreement. We are encouraged by the approach of the EBA [European Banking Authority] on this vitally important matter.”

The Government, meantime, has tabled a motion for Monday which will set out its next steps on Brexit. The motion, similar to those voted on in the Commons on 29 January, 14 February and 27 February, will be amendable.

The Labour MPs Lisa Nandy and Gareth Snell have tabled an amendment to the government’s motion, which calls for parliament to have a role in negotiating and agreeing the future UK-EU relationship. In particular, it calls for MPs to be able to set the UK’s negotiating mandate on the future relationship before 1 July 2019, and to have a vote on the future agreement before it can be signed by the Prime Minister. The amendment has cross-party backing.

At Prime Minister’s Questions yesterday, May dismissed the idea of so-called “indicative votes” in an answer to a question by Conservative MP Ken Clarke.

Elsewhere, in a point of order yesterday, SNP Westminster leader Ian Blackford said yesterday that he has written to the Prime Minister requesting that the House sits on Saturday to resolve the Brexit crisis. The Speaker of the House of Commons, John Bercow, that whilst this was possible, it would require a resolution of the House to be passed today or tomorrow.

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Martin Banks

Martin Banks

Martin Banks is a highly qualified journalist with many years experience of working within the EU institutions. He is an occasional, and highly valued, contributor to EU today, writing on a wide variety of issues.

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