4 ms·

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.

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.