UK Loses European Banking Authority and European Medicines Agency as Result of Brexit

The European Union has confirmed that due to Brexit a number of agencies will be leaving London. These include the European Banking Authority, which will move to Paris and the European Medicines Agency which will move to Amsterdam.

A spokeperson for the European Commission said in a statement:

“The European Commission welcomes today’s agreement at the General Affairs Council (Article 50 format) to move the European Medicines Agency (EMA) and the European Banking Authority (EBA) to Amsterdam and Paris, respectively. Both Agencies are currently located in London.

The relocation of these two Agencies is a direct consequence – and the first visible result – of the United Kingdom’s decision to leave the European Union, as notified to the European Council on 29 March 2017. The EMA and the EBA are two key regulatory Agencies for the EU’s Single Market, and are essential for the authorisation of medicines and for bank regulation. They must continue to function smoothly and without disruption beyond March 2019″.