BaFin Looks to tie in with the FCA as Brexit Contingency – 23rd Oct 2018
Germany’s financial watchdog, BaFin, said on Monday it would negotiate its own regulatory ties with its British counterpart to avoid market disruption if Britain and the European Union fail to reach broader agreements before Brexit. EU financial regulators are hoping to agree multilateral memorandums of understanding (MoUs) with Britain’s Financial Conduct Authority to avoid a disorderly Brexit wreaking havoc. But progress on that broader effort partly hinges on whether and when Britain and the EU agree final terms of a divorce settlement and the outline of future trading terms before Brexit in March. An EU summit this month failed to secure agreement on these. In the first sign that a national regulator in the EU was leaving nothing to chance and is willing to go it alone, BaFin’s deputy president, Elisabeth Roegele, said the watchdog was examining fall-back scenarios.
Arno Schuetze, Reuters