Bank Of England To Allow EU Banks, Insurers To Operate In UK Post-Brexit
20 Décembre 2017 - 10:49AM
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The Bank of England announced on Wednesday that it will allow EU
banks and insurers to operated normally in the U.K. post-Brexit and
is undertaking a review of its authorizing and supervision policies
for international firms.
"The foundation of the Bank of England's approach is the
presumption that there will continue to be a high degree of
supervisory cooperation between the UK and the EU," the bank said
in a statement.
"On this basis, EEA banks and insurers may...apply for
authorization to operate as a branch in the UK."
Deputy Governor and Prudential Regulation Authority CEO Sam
Woods said in a letter to international financial services firms
that this assumption may be revisited as Brexit negotiations
proceed, implying that things could change if the talks fail.
"In the event of a non-cooperative relationship, however, there
could be implications for how we oversee some EEA firms in the UK,"
the bank said.
In a parliament select committee hearing, BoE Governor Mark
Carney said if co-operation with EU does not materialize, the EEA
banks would be asked to create subsidiaries.
The approach to authorization and supervision of international
firms will be out for consultation until February 2018 and the PRA
will be open for applications from the beginning of 2018, the bank
said.
The bank also said that it does not expect any implication of
the proposed policy for the current operations of banks and
insurers from non-EEA countries such as the US, Switzerland and
Japan. This is because the UK has an appropriate level of third
country supervisory cooperation with their home state supervisors
in light of the systemic importance of the relevant firms.
According to the central bank, there are 160 branches of
international banks in the UK, of which 77 are from the EEA, with
assets totaling GBP 4 trillion. There are also 110 branches of
international insurers in the UK, of which 80 are from the EEA, the
bank added.
The BoE also said that it is issuing guidance to on its approach
to international central counterparties, or CCPs.
Deputy Governor Jon Cunliffe said in a letter to CCPs that the
government announced on Wednesday that it intends to give the BoE
new powers under UK law to recognize non-UK CCPs.
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