UK financial services trade body, TheCityUK, has called for “rapid progress” in Brexit talks ahead of today’s EU General Affairs Council.
The meeting is set to adopt a new set of negotiating directives on Brexit transitional arrangements for the next stage of negotiations with the UK and are expected to be based on the following principles:
- The transition period will cover the entirety of the “acquis” of EU law.
- The UK will no longer participate in the institutions and the decision-making of the EU.
- The transitional arrangements must be clearly defined and precisely limited in time.
- All existing EU regulatory, budgetary, supervisory, judiciary and enforcement instruments and structures will also apply, including the competence of the Court of Justice of the European Union.
Miles Celic, chief executive officer of TheCityUK, said the outcome of the meeting was critical and that time was running short.
“If we can’t get clarity on transition early this year, business will have to assume a disorderly Brexit and accelerate contingency plans to protect their customers and clients,” he said.
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