Brexit and financial services/City of London

[ballaughbiker]

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no eu law...

and

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but that can't be used.....

Something isn't quite as stated here. The EU have specified a time limit as previously discussed. The UK High Court then over rules this based on local interpretation and you still maintain it is the EU law which has presided? How....?

I have lived in two EU countries that do (simplified version) require you to leave after 3 months, if of working age without the means to financially support yourself or should you not apply for the right to stay under that EU law. If it was just down to a generally unenforceable EU law, as you allege, they wouldn't be able to do that.

[woody2]

8 minutes ago, ballaughbiker said:

and

Something isn't quite as stated here. The EU have specified a time limit as previously discussed. The UK High Court then over rules this based on local interpretation and you still maintain it is the EU law which has presided? How....?

I have lived in two EU countries that do (simplified version) require you to leave after 3 months, if of working age without the means to financially support yourself or should you not apply for the right to stay under that EU law. If it was just down to a generally unenforceable EU law, as you allege, they would be able to do that.

i believe the dutch have a 3/6 month law? but its never been enforced due to FOM rules......

[woody2]

12 minutes ago, ballaughbiker said:

and

Something isn't quite as stated here. The EU have specified a time limit as previously discussed. The UK High Court then over rules this based on local interpretation and you still maintain it is the EU law which has presided? How....?

I have lived in two EU countries that do (simplified version) require you to leave after 3 months, if of working age without the means to financially support yourself or should you not apply for the right to stay under that EU law. If it was just down to a generally unenforceable EU law, as you allege, they would be able to do that.

 

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A judge said the measure, introduced last year, was discriminatory and broke freedom of movement rules.

http://www.bbc.co.uk/news/uk-42354864

this is the eu law, if the uk try to remove, the case would be overturned by the eu courts.....

 

[ballaughbiker]

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You are addressing those very brainwashed individuals to whom you refer above. It has now been going on for generations and they will not hear because all the natural instincts of self-preservation have been excised from them at an early age. They believe that they have the wisdom and you are some sort of ultra right jackbooted loon.

Bit of exaggeration there. 

Only a (yeah, maybe brainwashed) fool would think that uncontrolled immigration is a good thing but I don't like the lack of honesty that UKIP and their ilk peddled the very worst perspective of the problem or their hugely simplified 'answer' .

Farage is far too clever to actually say anything racist but he pushes exactly the right buttons in the xenophobic racist's mind to get the result he wanted. I detest the man but readily admit he is no fool and has manipulated a huge number of voters. 

It's obvious that unless we can discuss such issues without hurling insults, the radical views will eventually prevail to everyone's detriment.

[ballaughbiker]

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this is the eu law, if the uk try to remove, the case would be overturned by the eu courts.....

So the EU law is overturned by the EU courts? They would be undermining their own law.

It was reportedly the UK High Court that overturned the EU law. 

 

[Freggyragh]

OK Woody, sit down and try to take in the following in small manageable chunks, I’ll try and make it as easy to understand as I can:

1. Finance companies are regulated by the countries they operate in. That’s important because unregulated finance can damage whole economies.

2. Sovereign countries of the EU are of course responsible for the regulation of finance in their own jurisdictions. 

3. There are EU regulatory bodies that ensures the national finance regulators are playing fair, it was based in Canary Wharf, but is moving to Paris. The EBA doesn’t license services, it only checks that the regulatory bodies of the sovereign states that make up the EU are doing their jobs properly with regards to risk and fairness. 

4. Since 1995 companies based in one EU country can ‘sell’ financial ‘products’ in any other EU country - (this is what they mean by ‘passporting’). So a finance product deemed ‘safe’ in the U.K. can be ‘sold’ in Germany. The U.K. company will typically open a sales office in Germany to do this, but the finance work and profits stay in the U.K.

5. If access for financial services (continuation of ‘passporting’) is not included in any Brexit deal then even if British finance companies have offices all over Europe they will not be able to sell non-EU regulated financial products in the EU. 

6. You probably think that as long as U.K. companies follow broadly similar rules to the EU  with regards to selling financial services in the EU, all will be fine. Wrong; ‘equivalency’ as a principle allowing free-trade in financial services is not underwritten by treaty and the EU doesn’t allow it for either commercial banking or primary insurance (that means, ‘the serious stuff’). Also, the definitions of equivalency are pretty vague and it’s quite likely the EU will be able to enforce much stricter regulation on the U.K. than it does now, affecting U.K. competitiveness and even government financial policy. On top of that, a declaration of equivalency can be unilaterally revoked by the EU with 30 days notice. 

I hope you understand things better now Woody. Think of it this way: If a Texan company called ‘Guns for All’ registers a business and opens a shop in Germany then that is then a German business and it will have to abide by German laws in respect to how it trades and what it sells, no matter what the law in Texas is. 

 

[Rog]

12 minutes ago, ballaughbiker said:

Big of exaggeration there. 

Only a (yeah, maybe brainwashed) fool would think that uncontrolled immigration is a good thing but I don't like the lack of honesty that UKIP and their ilk peddled the very worst perspective of the problem or their hugely simplified 'answer' .

Farage is far too clever to actually say anything racist but he pushes exactly the right buttons in the xenophobic racist's mind to get the result he wanted. I detest the man but readily admit he is no fool and has manipulated a huge number of voters. 

It's obvious that unless we can discuss such issues without hurling insults, the radical views will eventually prevail to everyone's detriment.

In the case of immigration it's the radical, or more correctly the reactionary views and actions that are increasingly fighting back against the Snowflake Agenda that has allowed OUR country to be infected by people that have no right to be here, people importing aggressive "cultures" that take advantage of our tolerance with a totally intolerance towards us, and who have been installing very much a monoculture in the failed multicultural experiment brought about by Bliar.

[Bobbie Bobster]

10 minutes ago, Rog said:

Snowflake Agenda

Top class!  And pushing the Bliar Micro$oft crApple button is just the icing on the cake.  Bravo, sir!

[Barrie Stevens]

1 hour ago, ballaughbiker said:

So the EU law is overturned by the EU courts? They would be undermining their own law.

It was reportedly the UK High Court that overturned the EU law. 

 

Courts frequently make judgements serving to work against the seeming statute law. There is in addition the risk of a phenomenom known as "Judge made law|"...This term often arises. That is why of course lawyers have to study vast amounts of precedent at least in the Anglo-Saxon type of legal system.

[twinkle]

1 hour ago, Freggyragh said:

OK Woody, sit down and try to take in the following in small manageable chunks, I’ll try and make it as easy to understand as I can

2. Sovereign countries of the EU are of course responsible for the regulation of finance in their own jurisdictions. 

 

You really are taking the piss  with this remark aren't you!, WHAT sovereign countries are LEFT in Europe??! no bluster flimflam or excuses!.

 

[Barrie Stevens]

I note that the media today is reporting Nigel Farage's words following his recent meeting with Michele Barnier big EU talks man. Farage says he is  convinced that the EU will not offer a deal acceptable to the people hence talking about second referendum.

He is reported as saying that the EU will give us a deal on goods, wine, cars, cheese and chocolate etc....But services are out if we hard Brexit the Single Market..."You are in or out. You want out so out you go!"...Bang goes so called "passported rights" for financial services employing some two million in the UK and a good few in the Isle of Man by implication.

I have no idea what bearing WTO terms may have on this "passporting" if any. I think WTO is what we used to call "GATT" ..General Agreement on Tariff and Trade."

When the coal mines started closing it was because the UK and others agreed after long years of GATT talks to get out of subsidised mining and open their markets up to more imported coal in return for greater access for financial services (In the case of the UK) and we all know what happened next.

So there is no telling what might happen 

 

 

[Barrie Stevens]

9 minutes ago, twinkle said:

You really are taking the piss  with this remark aren't you!, WHAT sovereign countries are LEFT in Europe??! no bluster flimflam or excuses!.

 

The EU member states are still sovereign but it is a complex issue as certain matters have been voluntarily pooled as it were. If the UK were not sovereign it would not have been able to hold a referendum and stayed out of Schengen and the Eurozone. To save me writing I attach a useful link.

http://www.aalep.eu/eu-and-member-states-sovereignty

[Bobbie Bobster]

15 minutes ago, twinkle said:

bluster flimflam

Thought for a microsecond about registering a new MF username, but decided not.

[twinkle]

The last three posts really emphasise what I recently said.

[Bobbie Bobster]

12 minutes ago, twinkle said:

The last three posts really emphasise what I recently said.

Cheers, matey!