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Brexit

Page dedicated to following institutions :
- Institutions based in the UK who work in other EU countries under the freedom of establishment or free services
- Institutions based in the UE27 who work in the UK under the freedom of establishment or free services

 

United Kingdom decision to leave the European Union might have consequences for institutions located in UK and using the passport mechanism to carry out whole or part of their activities in others EU countries under the freedom to provide services or under the right of establishment (i.e. branches or other forms of permanent presence). In the same way this leave could affect EU27 institutions working in the UK.

 European authorities have, in coordination with national supervisory authorities, published some opinions.

 

Insurance sector (EIOPA) :

11 July 2017 opinion on convergence of supervision

https://eiopa.europa.eu/Publications/Opinions/EIOPA-BOS-17-141%20Opinion_Supervisory_Convergence.pdf          

 21 december 2017 opinion on contract continuity

https://eiopa.europa.eu/Publications/Opinions/2017-12-21%20EIOPA-BoS-17-389_Opinion_on_service_continuity.pdf

18 May 2018 opinion on solvency

https://eiopa.europa.eu/Publications/Opinions/EIOPA-BoS-18-2018_opinion_on_solvency_and_Brexit.pdf

28 June 2018 on communication to policyholders

https://eiopa.europa.eu/Publications/Opinions/EIOPA-BoS-18-119-Opinion%20on%20Disclosure.pdf

 

Banking sector (ECB, EBA, ESMA)

Within the Single Supervisory Mechanism (SSM), the ECB regularly released its expectations for credit institutions regarding the actions they have to take to be ready for Brexit :

https://www.bankingsupervision.europa.eu/banking/relocating/html/index.en.html,

The European Banking Authority (EBA) released several opinions on Brexit for both credit institutions and investment firms :

The first one, released on October 2017, the 12th, explain the issues of the Brexit for banks and the actions they have to take :

https://www.eba.europa.eu/documents/10180/1756362/EBA+Opinion+on+Brexit+Issues+%28EBA-Op-2017-12%29.pdf

The second one, released on June 2018, the 25th, call institutions to pursue their efforts to prepare and inform their customers.

https://www.eba.europa.eu/documents/10180/2137845/EBA+Opinion+on+Brexit+preparations+%28EBA-Op-2018-05%29.pdf

 

The European Securities and Markets Authority (ESMA) released two opinions on Brexit, the first one being general and the second one dedicated to investment firms.

https://www.esma.europa.eu/press-news/esma-news/esma-issues-principles-supervisory-approach-relocations-uk

https://www.esma.europa.eu/sites/default/files/library/esma35-43-762_opinion_to_support_supervisory_convergence_in_the_area_of_investment_firms_in_the_context_of_the_united_kingdom_withdrawing_from_the_european_union.pdf

 

At last, ACPR published 2 press releases  :

  • 28 september 2016 together with french Autorité des Marchés Financiers

https://acpr.banque-france.fr/sites/default/files/medias/documents/280916_pr_en_acpr_amf_licencing_procedures_brexit.pdf

  • 29 June 2018 on EIOPA and EBA opinions, underlining notably that contracts concluded before UK leave of the EU27 with UK institutions remain valid and must be executed on goof faith.

https://acpr.banque-france.fr/sites/default/files/medias/documents/20180629_2publication_brexit.pdf

 

Procedure

Such institutions (credit institutions, investment firms, payment institutions, electronic money institutions, or insurance companies) that might have questions to ask or projects to present to ACPR in this respect are invited to send an email to the following address:

The Authorisation Directorate (see organisation chart below) will reply as soon as possible in the most suitable form (written message, meeting...)

Authorisation Directorate

  • Director: Jean-Claude Huyssen
  • Deputy Director: Geoffroy Goffinet
  • Banks and Investment Firms Division: Jacqueline Thepaut-Fabiani
  • Specialised Procedures and Institutions Division: Muriel Rigaud
  • Insurance Institutions Division: Julie Briand

Updated on: 08/16/2018 10:52