Following the final result of the UK’s referendum on membership of the European Union, the European Banking Federation spoke for banking associations and their member banks across Europe in reassuring customers and businesses that their banking services will continue as normal.
In Brussels European Commission President, Jean Claude Juncker, has imposed a ban on any discussions between EU staff and UK officials until “notification of Article 50”. Following the resignation of the UK’s Lord Jonathan Hill from the portfolio of Financial Services and Capital Market Union the portfolio will now be managed by Latvian Commissioner Valdis Dombrovskis and the understanding is that this may lead to a change in the political direction and management of this mandate.
Meanwhile, the European Council has established a Brexit Task Force and appointed Belgian official, Didier Seeuws, to lead the negotiations. The European Parliament will also have to consent to the final agreement. Finally, it is important to note that until such time as the UK leaves the Union, EU law continues to apply.
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