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Brexit

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Since 2017, through its website, the FMA has being informing about its evaluation of possible consequences arising from Brexit as well as about current developments at European level.

This page contains an overview of current issues, as well as measures taken in the case of a disorderly Brexit. Please note that the information below may be subject to change on a case-by-case basis.

European Level

  • In 2018, the European Commission explained in a series of public notices that preparation for a disorderly Brexit is also a duty for private market participants and refers to the specific risks that apply for individual market segments.
  • EBA, EIOPA and ESMA all emphasised the importance of preparation for a disorderly Brexit in a Joint Report
  • In its Opinion on preparations for the withdrawal of the UK from the EU, EBA instructs financial institutions to analysis the relevant risk channels and has also listed a large number of relevant risk channels.
  • EIOPA also published Opinions about Brexit
  • EBA, EIOPA, ESMA and ECB have published opinions and other notifications, which primarily address the relocation of headquarters and incorporation of new entities by British entities in the EU-27 Member States, but which might also be relevant for Austrian companies in the areas of outsourcing and delegation
  • The SRB recently published a Position Paper on expectations to ensure resolvability of EU financial institutions in the context of Brexit
  • ESMA has concluded an MoU with the British authorities (MoUs regarding CRAs, TRs, CSDs and CCPs) (See the ESMA website here as well as here)

 

National Level

  • In Austria the Brexit-Begleitgesetz (accompanying legislation in relation to Brexit), which is a collective package of legislation across all ministries, in which precautions are prescribed in the case of a hard Brexit.
  • Cooperation agreements have be concluded with UK authorities (MoUs in relation to banks, insurance undertakings, investment firms asset management and infrastructures)
  • The FMA is in constant dialogue with supervised institutions – the institutions are required to take the necessary measures