4 ms·

In what way? Brexit has generally been extremely costly for london finance - having to establish and capitalise EU entities, loss of regulatory equivalence etc.

by retube 5y ago

In what way? Brexit has generally been extremely costly for london finance - having to establish and capitalise EU entities, loss of regulatory equivalence etc. There was more provision for fishing (<0.1% GDP) in the brexit agreement than there was for finance (10%+) which has largely been left to fend for itself.

jazzyjackson 5y ago
EU is implementing reporting requirements for banks UK noped out
- rawling 5y ago
  These ones? https://www.bbc.co.uk/news/50168357 https://www.bbc.co.uk/news/50168357 > But the rules are, in fact, all already part of UK law. A small number of them will not come into effect until 1 January [2020], but that would have happened anyway whether or not the UK was a member of the EU.
  - rusk 5y ago
    I wouldn’t be quoting the British propaganda agency
    - reillyse 5y ago
      It’s funny how few people realize that’s what the bbc is.
- retube 5y ago
  what reporting requirements? The UK hasn't "noped" out of anything, all EU directives were imported wholesale, as is new regulation so we can pursue equivalence. The PRA will not deviate from Basel even slightly.
  - altcognito 5y ago
    What kind of enforcement?
    - rusk 5y ago
      Not the ECJ anyway!
- helsinkiandrew 5y ago
  That's nonsense - As the UK has left the EU, the laws and banking regulations that banks in the UK follow will be written in the UK and not by the EBA, but they will be consistent (following global agreements). Most of the banks operating in the City of London are European or American anyway and will also be following EBA and Fed reporting rules.
  - lou1306 5y ago
    > Most of the banks operating in the City of London are European or American anyway HSBC is neither, and is the second-biggest bank in Europe. Just to name an example. (I guess by "European" you mean "EU-based")
- short_sells_poo 5y ago
  Yes but the UK can't unilaterally nope out of reporting requirements because the EU can simply refuse to continue with the previous passporting abilities afforded to UK finance. If the UK wants to continue with London being the gateway to the EU financial sector, they'll need to adhere to the EU rules. With Brexit, the UK has now no say in what those rules are beyond some saber-rattling. I mean, the UK can certainly just offer a very loose regulatory environment, but that's useless on it's own if other jurisdictions refuse to cooperate. The extreme measure would be to put the UK on the uncooperative tax regimes list, which would mean that nobody in other countries would touch business established here.
raesene9 5y ago
I'm guessing that the point being made isn't about the financial industry in that sense, which indeed was hung out to dry by brexit, but instead the financial transparency requirements that the EU are bringing in. The UK (along with its crown dependencies) are large scale centres of shell companies and other mechanisms used by people to obscure their wealth. The UK has promised to reform this but appears to be dragging its heels...
- deleted 5y ago
  [deleted]
- buran77 5y ago
  One thing which brought together a lot of people in varied European or international bodies, who otherwise didn't see eye to eye on much was the opinion that The City is probably the most corrupt place in the Western hemisphere, at least by volume of "shady money". Plenty on interests to keep that in the shade, although I wouldn't go so far as to say Brexit was solely about this.
- zinekeller 5y ago
  In this case, shouldn't Luxembourg and Ireland (among others) worry also? They tend to hide these kinds of stuff, and is unlikely (Ireland)/very unlikely (Luxembourg) to leave EU and its single market?
  - rusk 5y ago
    Irish public are intensely europhile, not just politically and economically but culturally and socially. It’s not even close to being on the list of options.
  - raesene9 5y ago
    AFAIK Luxembourg and Ireland's focuses are slightly different. They both have very low rates of corporation tax, and that is starting to be addressed by things like the US plan for a minimum tax level. Also they're much smaller countries I can't see luxembourg being able to opt out of the EU to protect financial arrangements...

by retube 5y ago

jazzyjackson 5y ago

EU is implementing reporting requirements for banks UK noped out

rawling 5y ago
These ones? https://www.bbc.co.uk/news/50168357 https://www.bbc.co.uk/news/50168357 > But the rules are, in fact, all already part of UK law. A small number of them will not come into effect until 1 January [2020], but that would have happened anyway whether or not the UK was a member of the EU.
- rusk 5y ago
  I wouldn’t be quoting the British propaganda agency
  - reillyse 5y ago
    It’s funny how few people realize that’s what the bbc is.
retube 5y ago
what reporting requirements? The UK hasn't "noped" out of anything, all EU directives were imported wholesale, as is new regulation so we can pursue equivalence. The PRA will not deviate from Basel even slightly.
- altcognito 5y ago
  What kind of enforcement?
  - rusk 5y ago
    Not the ECJ anyway!
helsinkiandrew 5y ago
That's nonsense - As the UK has left the EU, the laws and banking regulations that banks in the UK follow will be written in the UK and not by the EBA, but they will be consistent (following global agreements). Most of the banks operating in the City of London are European or American anyway and will also be following EBA and Fed reporting rules.
- lou1306 5y ago
  > Most of the banks operating in the City of London are European or American anyway HSBC is neither, and is the second-biggest bank in Europe. Just to name an example. (I guess by "European" you mean "EU-based")
short_sells_poo 5y ago
Yes but the UK can't unilaterally nope out of reporting requirements because the EU can simply refuse to continue with the previous passporting abilities afforded to UK finance. If the UK wants to continue with London being the gateway to the EU financial sector, they'll need to adhere to the EU rules. With Brexit, the UK has now no say in what those rules are beyond some saber-rattling. I mean, the UK can certainly just offer a very loose regulatory environment, but that's useless on it's own if other jurisdictions refuse to cooperate. The extreme measure would be to put the UK on the uncooperative tax regimes list, which would mean that nobody in other countries would touch business established here.

raesene9 5y ago

I'm guessing that the point being made isn't about the financial industry in that sense, which indeed was hung out to dry by brexit, but instead the financial transparency requirements that the EU are bringing in. The UK (along with its crown dependencies) are large scale centres of shell companies and other mechanisms used by people to obscure their wealth. The UK has promised to reform this but appears to be dragging its heels...

deleted 5y ago
[deleted]
buran77 5y ago
One thing which brought together a lot of people in varied European or international bodies, who otherwise didn't see eye to eye on much was the opinion that The City is probably the most corrupt place in the Western hemisphere, at least by volume of "shady money". Plenty on interests to keep that in the shade, although I wouldn't go so far as to say Brexit was solely about this.
zinekeller 5y ago
In this case, shouldn't Luxembourg and Ireland (among others) worry also? They tend to hide these kinds of stuff, and is unlikely (Ireland)/very unlikely (Luxembourg) to leave EU and its single market?
- rusk 5y ago
  Irish public are intensely europhile, not just politically and economically but culturally and socially. It’s not even close to being on the list of options.
- raesene9 5y ago
  AFAIK Luxembourg and Ireland's focuses are slightly different. They both have very low rates of corporation tax, and that is starting to be addressed by things like the US plan for a minimum tax level. Also they're much smaller countries I can't see luxembourg being able to opt out of the EU to protect financial arrangements...