Britain to Resume Trade Talks with EU Amid Signs of Progress – Bloomberg
- Talks are due to resume tomorrow in London, as announced by a tweet from David Frost.
- The aim is to strike a deal within three weeks but there are still substantial differences to overcome.
- According to the joint set of principles governing the talks, the UK and EU have agreed to negotiate on all outstanding issues and to set up a joint secretariat to work on a consolidated draft of the agreement.
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- The Financial Services Bill was published today and sets out the post-Brexit regulatory framework for financial services.
- The bill amends provisions of certain EU rules to bring them in line with UK legislative goals.
- The UK will not apply the EU’s capital regulation and directive for investment firms but will instead create a UK-specific regime.
- As part of the regime, the FCA will be given greater powers, covering amongst other things, the Libor benchmark.
- The bill also contains a simplified regime for overseas investment funds to be marketed to UK consumers and an amendment to the EU’s Market Abuse Regulation, with a proposal to extend the maximum criminal penalty for market abuse from 7 to 10 years’ imprisonment.
- When speaking to the European Parliament today, Charles Michel listed the well-known sticking points (fisheries, competition regulations and dispute resolution mechanisms) and acknowledged a number of the UK’s key concerns.
- Michel Barnier also told the European Parliament that sovereignty was a legitimate concern for the UK, whilst noting that the EU’s principle of fair competition is “fully compatible” with the idea of British sovereignty.