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Exchange of views: Latest Brexit developments and future of EU-UK relations in the financial sector

Day 1 Afternoon

Wednesday 11 September

Room :

Fennia II - Exchange of views

Speakers

Chair
David Wright - President, EUROFI
Public Authorities
Denis Beau - First Deputy Governor, Banque de France
Katharine Braddick - Director General, Financial Services, HM Treasury
Industry Representatives
Nobuyuki Kawabata - Managing Executive Officer, International Business Unit, Sumitomo Mitsui Financial Group, Inc.
Shriti Vadera - Chair, Santander UK

Objectives of the session

This session will discuss how EU-UK relationships in the financial sector are expected to evolve in the coming years and what may be the implications of possible changes (e.g. regulatory divergence, changes in the structure of the European financial market) for the financial industry, its customers and the financing of the economy.

The panel will also assess the short term implications of Brexit for the UK and EU financial sectors and their customers, given the latest developments of negotiations.

Points of discussion

Is there a real risk of regulatory divergence over time between the EU and the UK, assuming that Brexit happens, and how would it materialize? How do you see EU-UK relations in the financial services sector and the current hub-and-spoke model of European finance evolving in the 5 coming years? What would be the potential implications of these changes for financial players, their customers and the financing of the EU economy?

Is the level of preparation of the financial industry and the authorities sufficient to allow the EU and UK financial sectors to function smoothly in the short term and ensure continuity of service post-Brexit?