In December 2018 the Government published a white paper on the UK’s future skills-based immigration system, followed a day later by The Immigration and Social Security Coordination (EU Withdrawal) Bill. Once enacted, the Bill will end freedom of movement for EU nationals, set a new framework for migration based on skills not nationality and end preferential treatment for EU nationals.
This webinar will help you to prepare for the changes in UK immigration rules being brought about by Brexit. We are partnering with Jurga McLuskey, who leads Deloitte’s UK and EMEA immigration practice. She is an eminent leader in the immigration space and has strong government relationships. She has appeared as an Immigration Expert in front of the Parliament Bill Committee to give evidence on the Immigration Bill and the White Paper.
By Luuk Jacobs
A guide to where we are with Brexit
WWW.BBC.CO.UK Theresa May has agreed a draft Brexit deal with Brussels. What happens now? So a Brexit deal has been agreed or should we say has been drafted meeting both sides expectations? There are still some major hurdles to pass:
- first the cabinet ministers need to give it their blessing
- The meaningful vote in parliament
- Approval/ratification by the EU council (latest mid December)
- Ratification by UK parliament (end February latest)
- Final European Parliament plenary (mid March)
You could argue that with each of these hurdle taken the likelihood of the UK leaving the EU with and agreement is higher, but equally one hurdle not taken could throw everything in jeopardy again: PM resigning or being ousted, new referendum, new elections, etc.
Exiting or frustrating weeks/months ahead of us with no doubt difficulty in distinguishing noise from reality
By Pierre-Yves Rahari
The FT reports today that the ESMA and the FCA have struck an agreement that would protect the delegation model (amongst other things ...) in case of no-deal Brexit on March 29th. Seemingly this agreement will substitute the much-discussed MoU's that have not materialised yet, so it is good news overall. This will bring some relief in the EU Asset managers Boardrooms ... The FT quotes a senior figure at the EFAMA: "Ensuring that delegation continues to be authorised as it is today is of paramount importance to asset managers," i.e. this move would allow EU Funds houses to continue delegating the management of £1.8T worth of assets to London-based portfolio managers in case of a hard-Brexit.
Good news, or good news?
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By Andy Milner
I thought it would be good to start a discussion thread on the actual impacts that the industry is feeling due to Brexit. As time goes on there is more and more quantitive analysis such as the below report from EY:
Keen to hear any positive news too..
By Luuk Jacobs
2018 is nearing its end. It has in many ways again been an exhausting year for the Investment Management industry. It started with the delivery of MiFID II, followed by other regulatory requirements like Gender Pay Gap Reporting and GDPR as well as preparing for the next round of regulation that will hit in 2019.
I however think that 2019 is going to be the year of the B word.
Likely this will be most associated with BREXIT – and the lack of plan B. I don’t want this blog to become another discussion of it as it is all in the hands of UK parliament as to where this all will go. If as a company you have not done your risk assessment in respect of this, and mitigated the risk already with changes to your business set up (how small or large this might be), time is, or has, run out by now and you can only hope for a low impact outcome.
There are however other B words that I believe will put their mark on 2019.
BLOCKCHAIN (or should we start calling it Distributed Ledger Technology). Much has been spoken about it but relatively little has been used in the investment management industry so far. The term at least has now become a collective understanding of the technology with targeted solutions becoming available although the blockchain technology offerings remain nascent and immature. Equally research from Forrester anticipates 90% of blockchain pilots won’t become complete products or services. Despite all these challenges blockchain will remain on the agenda of many Boards and Executives, as you can’t afford not to understand what it will change to and in your industry in general and the benefits it could bring to your own company.
This brings us on to BITCOIN, one of the best-known uses of blockchain. 2018 was literally a year of highs and lows for Crypto Currencies in general. If you believe specialists in the field, 2019 will see the entry of Institutional money entering crypto currency. The Nasdaq will launch cryptocurrencies in 2019 and various other trading platforms are preparing their launch (Cyprus, Gibraltar).
It is said that Bitcoin, as indicator for the crypto market, “is and remains in its long-term bull market. Bitcoin trades in its “transition band” whereas going forward, as Bitcoin is maturing as an investment, it will not exceed its bullish band” (investingHaven, October 2018).
Bringing us to BOX and more specific sandbox; the technology and software testing environment that enables the isolated execution of software or programs for independent evaluation, monitoring or testing. This is becoming standard practice in business, and even the FCA, to test ideas to resolve the challenges that are being faced without directly making choices. It is bringing us all back to the days when we were at kindergarten playing in the sandbox, being creative, free spirited and thinking, leading to creating better together. 2019 will see sandbox being applied more broadly beyond technology.
The last B word will be the BANK OF ENGLAND and its regulatory arm the PRA and FCA. Various regulation will need to be implemented in 2019, most notably and far reaching the Senior Manager Certification Regime (“SMCR”) and the Asset Management Market Study (“AMMS”). Both will not just be a challenge for the investment management industry to comply with but equally will change culture and governance on an unprecedented scale.