UK/EU Meeting of the Specialised Committee on Financial Provisions

The second meeting of the Specialised Committee on Financial Provisions (SCFP) was held today via video conference, co-chaired by officials from the European Commission and UK Government. This Committee is tasked by the Withdrawal Agreement Joint Committee to undertake work related to implementing the financial provisions in Part V of the Withdrawal Agreement.

The EU and the UK exchanged updates on the implementation of Part V of the Withdrawal Agreement, relating to financial provisions. They noted positive engagement on the first formal reporting under the Withdrawal Agreement which was provided at the end of July and on positive progress towards the next reporting obligations at the end of March 2021.

The EU and UK also noted ongoing technical discussions of the application of Regulation 538/2020, amending the scope of the Global Margin of Commitments, to the UK under the terms of the Withdrawal Agreement. This issue has previously been discussed in the Specialised Committee and in the Withdrawal Agreement Joint Committee.

The EU and UK sides reaffirmed their commitment to complying with their legal obligations under the Withdrawal Agreement.

The two sides agreed to continue technical work on the information requirements set out in the financial provisions of the Withdrawal Agreement. They committed to continue working collaboratively on a range of issues in recognition of the mutual benefit of smooth implementation of the financial provisions of the Withdrawal Agreement.