Updated ECB Guidance For Brexit Banks

With the New Year, the European Central Bank has published an updated frequently asked questions (FAQs) about the ECB's role in supervising Eurozone banks. The updated FAQs are primarily aimed at UK based financial institutions re-locating in the context of Brexit but may also impact others. These updated FAQ ought to be read in conjunction with the ECB and other European Supervisory Authorities publications of "Supervisory Principles on Relocations" which we assessed most recently in this client alert. These ECB updates follow publications, just before Christmas, by the UK Government and regulators, in particular the PRA, of a number of policy announcements and the publication of consultations on how UK branches of EEA banks seeking authorisation might continue operating in London post-Brexit.