BoE welcomes agreement between UK and EU27 on implementation period

Here are some of the key highlights from the Bank of England's (BoE) update on the regulatory approach to preparations for EU withdrawal, released this Wednesday.

   •  Presumes that there will continue to be a high degree of supervisory cooperation between UK and EU post-Brexit

   •  Difficult for all financial institutions to complete all of steps necessary to mitigate risks to provision of financial services in UK, EU

   •  Says that banks may assume that authorization is needed only after transition

   •  Reasonable for financial services firms to plan that they will be able to continue undertaking activities during implementation period