ECB Prepares for Potential Financial Unrest at Commencement of Brexit

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The European Central Bank (ECB) and the Bank of England are to assemble a technical working group whose responsibility will be to manage and mitigate risk in the timeframe surrounding March 30th 2019 when Brexit is planned to take place, specifically in the area of financial services.

However, it is not currently clear what risks are associated with the date, as the draft withdrawal agreement established between the EU and UK means that EU legislation in relation to financial services will remain valid and applicable to and in the UK until the end of 2020.