EU Urges Banks, Insurers To Finalize Hard Brexit Measures
Law360, London (September 4, 2019, 3:04 PM BST) -- The European Commission told financial services companies on Wednesday to finalize their preparations for Brexit ahead of the current Oct. 31 scheduled departure date in case the U.K. leaves the European Union without a withdrawal agreement.
Banks and insurers must ensure they have implemented measures that will allow their businesses to function if the U.K. fails to negotiate a deal before the end of October, the commission said. Companies with British branches should transfer their operations to the bloc or apply for equivalence, which will allow them to continue serving the EU.
The financial sector is mostly ready for a no-deal...
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