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Brexit Newsletter May 2019
Brexit Newsletter May 2019
State of Brexit
Theresa May resigns
The fear of no-deal Brexit returns.
Theresa May resigns, facing a “full-scale cabinet revolt” as her plans for a fourth and final effort to get her Brexit deal through Parliament failed.
Theresa May has announced that she will resign as party leader on 7 June 2019. Even though the prime minister was set to present a “new and improved” offer on Brexit and bring it to a vote in the House of Commons, she faced an intense pressure to quit. May’s formal departure will lead to a leadership contest and a new prime minister to face the challenge of delivering Brexit.
Sources:
CSSF and Central Bank of Ireland intensifying substance check inspections
As the winners in terms of Brexit-related relocations, Luxembourg and Ireland will check asset managers’ local entities to ensure that they do not operate as shell companies. The financial regulators in the two states have announced that they will review management companies to see whether they have the required substance under the delegation model.
For more information:
Brexit relocation plans of firms in the UK in 2019
Statista has presented the results of a survey that asked British businesses about their Brexit relocation plans. Of respondents, 29 % have said they were considering relocation in 2019 due to Brexit, whereas over half of the business has said that they had no Brexit-related relocation plans.
KPMG Luxembourg update:
We are delighted to present you our new Interactive Brexit map that shows you where are companies relocating in Europe:
Check our Managing Brexit page for more updates! KPMG is helping organisations across the world respond to this unprecedented change as the UK prepares to leave the European Union. Explore our pages to access expert analysis, opinion and guidance, so you not only mitigate the effects of Brexit but use it as a catalyst to reset your future.
© 2020 KPMG Luxembourg, Société coopérative, a Luxembourg entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
