Hard Brexit Impact Analysis

Page 29 of 106 Category If no agreement is reached: Consequence EU Document Finance Banking services Authorisations: Continued compliance: As of the withdrawal date Entities authorised by the competent authorities in the Union, including their branches, have to comply with the conditions of their authorisation on a continued basis. The services provided by these branches will as well be subject to the relevant requirements which are set out in the EU legal framework. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services Authorisations: UK Branches: As of the withdrawal date where entities authorised by a competent authority in the EU have established branches in the United Kingdom, these branches will have to comply with the scope of the authorisation granted to the entities of which they are an integral legal part. This includes compliance with regard to their programme of operations and structural organisation and the requirement that the effective exercise of supervisory functions is not prevented by difficulties involved in the enforcement of the laws, regulations or administrative provisions of the third country. The services provided by these branches will as well be subject to the relevant requirements which are set out in the EU legal framework. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services ARRANGEMENTS AND EXPOSURES: As of the withdrawal date arrangements which may affect the ability of entities authorised in the EU to have an autonomous risk management and control framework, and sufficient operational resilience, including trading and hedging capabilities, in crisis will have to be assessed by the competent authority which has granted the authorisation. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services ARRANGEMENTS AND EXPOSURES: As of the withdrawal date the prudential treatment of exposures to third parties established in the United Kingdom will be affected. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES