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The United Kingdom’s withdrawal from the European Union is a large and complex process that has significant implications for the way we discharge our responsibilities. Many parts of the Bank have worked closely together to assess the potential impact of EU withdrawal on our policy objectives of monetary and financial stability.
The French regulator, Autorité de contrôle prudentiel et de résolution (ACPR), has indicated in its response that it does not intend to comply with EIOPA’s Recommendation 6, relating to insurance policies originally sold in the United Kingdom by UK insurers to policyholders now resident/established in France.
Established in accordance with regulation 6 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019. Authority and the Financial Conduct Authority expect to coordinate their respective functions in relation to equivalence and exemption determinations.
We requested that any insurers with EEA business looking to use the Part VII of the Financial Services and Markets Act (FSMA) insurance business transfers: Saving Provisions available in the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, whose transfer is not already underway make immediate contact with their PRA supervisory contact, or email the PRA Part VII Transfers team at Portfolio.Transfers@bankofengland.co.uk.
The Bank of England and European Securities and Markets Authority (ESMA) have agreed Memoranda of Understanding (MoUs) regarding cooperation and information-sharing arrangements with respect to central counterparties (CCPs) and central securities depositories (CSDs).
We updated the financial market infrastructure supervision page with interim lists of third-country CCPs, third-country CSDs and EEA systems that will enter into the various temporary or transitional arrangements on exit day if the UK leaves the EU with no implementation period.
The Bank’s Agents have conducted a survey of business contacts about their preparations for Brexit, to support the Bank’s analysis of the impact of EU withdrawal on the UK economy.
The Government published a draft of the statutory instrument that will, subject to parliamentary approval, deliver a temporary permissions regime for EEA firms operating in the UK
See Table A.2 on page 9 of the Financial Stability Report – June 2018 for ‘FPC judgement of progress against actions to mitigate the risk of disruption to end users of financial services as at 22 June 2018’
The Bank of England welcomes the agreement between the UK and EU27 that there should be an implementation period until the end of 2020 as part of the UK’s Withdrawal Agreement with the EU