Assessing the impact of Brexit on the industry and regulatory requirements post Brexit

Assessing the impact of Brexit on the industry and regulatory requirements post Brexit

By Tatjana Christians, Head of Brexit Execution, Legal Strategy and Bank Structure, Barclays.

Tatjana, can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?

I started as a commercial litigator focusing on banking and isolvency law at White & Case, I then moved inhouse to build the Legal department for Barclaycard Germany, I was member of the ExCo and also responsible for Citizenship and Diversity, in April last year I moved to London into my group role and am now responsible for the Legal Execution of the Barclays European Referendum Response Programme, focusing on supporting the license application, building the business readiness of the new European entity, and developing and executing the strategy for the transfer of assets.

 At the Technology & Innovation Risk Summit, you are taking part in a panel discussion to discuss ‘Assessing the impact of Brexit on the industry and regulatory requirements post Brexit’. What do you think will be the key talking points amongst panelists and why?
  • How do we plan while there is no legal or regulatory certainty
  • How do we factor in the unexpected – contingency planning
  • What are the biggest changes we need to factor in.
  • Status of the UK as a third country
  • Impact on data and data transfer
  • Equivalence
In your opinion, what impacts could Brexit have on the technology and innovation industry?

UK based companies will need to ensure that techsolutions will keep up with EEA reg requirements so they can stay competitive. There will be an impact on the ability to share and process data between the EEA and the UK, industry collaboration could be more focused on the EEA, one example would be the EPC. The industry will have to ensure that we will not end up in a cosmos of bespoke products and solutions that hinder collaboration.

How could regulatory requirements be affected by Brexit?

Position of the UK as a third country, having to obtain new licenses, different requirements for third countries, loss of passporting rights, there is the aim for equivalence but ultimately there will be divergence (why else would there have been the decision to separate).

How do you see the technology risk landscape evolving over the next 6-12 months?

Increasing focus on cyber security, AI and how we can utilize but also control it,  and crypto currencies and other disruptive technologies that are not based on the model of 1:2:1 responsibility and ownership of processes.

 


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