United Kingdom markets watchdog urges European Union regulators to coordinate on Brexit

Clay Curtis
April 14, 2018

A DEFRA spokesperson said it had negotiated that the UK's share of catch could not be reduced over the transition period, which was about "delivering a smooth and orderly Brexit".

Recent remarks by Labour's Barry Gardiner, the UK's shadow trade secretary, where he appeared to underplay the importance of a soft border post Brexit - which is Labour's position - and suggested that the Government was focusing on the Border issue for economic reasons, have done little to allay concerns in the business community about their future once the United Kingdom leaves the EU.

Eurostat officials declined to comment on the trend and it was unclear how many Britons acquired new passports after the vote.

The new position paper is built upon a 2016 paper, "Brexit and Beyond", which was produced by both the AIMA and the US-based Managed Funds Association.

Starting coordination now would mean a framework is ready once transition has been legally ratified, Bailey said.

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The risk weighing most heavily on the minds of financial services firms is Brexit.

"It is now important we focus on the significant prize at the end of the implementation period: the arrangements will only apply to negotiations in 2019 - by December 2020 we will be negotiating fishing opportunities as an independent coastal state completely outside the Common Fisheries Policy", explained DEFRA spokesperson.

The UK should seek a deal with the European Union that ensures UK firms' relationship with European Union investors and clients can continue uninterrupted by virtue of "grandfathering positions", according to a position paper from the Alternative Investment Management Association (AIMA).

AIMA CEO Jack Inglis added: "This is a time of uncertainty for the UK's alternative investment management industry, and our members continue to devise and implement a variety of contingency plans".

The paper is sponsored by Simmons & Simmons, the law firm. "We have drawn upon our wide experience on Brexit related projects to provide input to help firms assess likely areas of disruption and where they need to, and can, address those, given the current state of play." .

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