There are at least five key areas where financial firms need clarity from UK and EU policymakers to avoid instability, the Association for Financial Markets in Europe said in a report published Monday. These include an agreement on data transfers, continuity of contracts, legal jurisdiction, access to market infrastructure and recognition of bank resolution actions, according to AFME. But the leaders of individual EU member states have taken a less hardline position, meaning some agreement that would provide special access for UK financial firms may still be possible. In addition, UK financial firms currently operate across the EU under passporting rights. Finally, the UK and EU need to make sure that bank resolution actions in the EU and UK continue to be recognised without banks having to re-issue contracts.

Source: The Irish Times January 22, 2018 06:45 UTC