Brexit Update - ABN AMRO Bank N.V., UK Branch

News item -

Dear clients,
 
Following the recent political events in the UK, we would like to update you on how we are preparing for all Brexit scenarios. 

Political Developments

The UK’s departure from the EU has been delayed. Following a request by the UK Prime Minster to delay the 31 October deadline for the UK to leave the EU, the EU announced on 28 October that it has agreed to a ‘flex-extension’ for the UK to leave the EU any time within the next 3 months, up to and including 31 January 2020. 
 
The UK Prime Minister has proposed a deal for the UK to leave the EU. This deal has not been approved by UK Parliament. The Prime Minister has stated that he will give Parliament further time to review the deal if there is agreement to a general election on the 12th December 2019 which was agreed on Tuesday 29 October 2019.
 
On 6 November, the UK Parliament will be dissolved (shut down) and each seat in the House of Commons will become vacant. Five weeks after this date, the UK will vote in a general election to choose a new government. 

How does this affect our clients?

There is no immediate impact of the UK Parliaments decision to hold a general election on our operations. 
 
ABN AMRO continues to prepare for a no-deal Brexit to ensure continuity of services to our clients should the UK leave the EU. The UK political events do not change our preparations.  We discussed in our previous communication in early October the implications for both a no-deal or deal scenario, added here again for ease of reference:
 
In the event of a no-deal the UK leaves the EU on exit day and then the temporary permissions regime (TPR) becomes live to enable EU firms to continue to provide products and services to UK clients as if they were authorised in the UK to do so. The TPR runs for a maximum of three years from exit day – but this is a period in which it is expected that all firms in the TPR get their landing slot to become fully authorised in the UK or leave the regime and run-off all UK business; it does not relate to the date on which the UK leaves the EU – this happens on exit day.
 
In the event of a deal an agreement will be put in place which will determine when the UK leaves the EU. Most aspects of the UK membership of the EU remains in place during the transition period until December 2020 – but the UK will no longer have a vote. The UK will leave the EU based on what is subsequently agreed.
 
ABN AMRO is committed to continuing to provide the services and products you need in order to support your on-going financial requirements. As this time we do not require you to take any action and we will keep you fully informed of our preparations. 
 
For any specific queries, please contact the bank through your normal channels.   
 
Yours sincerely,
ABN AMRO Bank

Share