On 28 October 2019, the European Banking Federation (EBF) published a factsheet on the World Trade Organization (WTO) implications of a no-deal Brexit. The factsheet explains that, in the case of a no-deal Brexit, all trade between the EU and UK will be governed by the international rules agreed by the WTO. The fact sheet specifically addresses the WTO implications for banks, in particular it covers:
- the WTO General Agreement on Trade in Services (GATS): basic principles and application to financial services;
- an overview of EU and UK GATS commitments on banking (Modes 1-3); and
- the practical impact of the GATS in the event of a no-deal Brexit.