Following the conclusion of the EU Summit today, Simon Lewis, Chief Executive of AFME, said:

“We are encouraged by the steady progress being made towards Phase 2 of the negotiations and the political agreement on a transition period marks an important stage in the Brexit process.

“It will now be important to have clarity from regulators as to their expectations in light of the agreed transition period. While a transition period will help mitigate a number of potential cliff edge risks, the draft Withdrawal Agreement does not currently address issues such as contractual continuity, access to financial markets infrastructure or data flows.”

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