EU's No-Deal Brexit Plans Present Slim Pickings For Payments

The prospect of a no-deal Brexit has left EU firms passporting into the UK facing an uncertain future, with recent contingency measures from Brussels leaving payments firms out of scope.

The European Commission published various preparatory measures for a no-deal Brexit on Wednesday this week, laying out a limited set of regulations as emergency measures should no agreement be reached before March 29 next year.

Although the financial services sector was addressed, the commission covered only securities and derivatives as “only a limited number of contingency measures is necessary to safeguard financial stability in EU27”.

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