Brexit: European Commission proposes legislative amendments for the relocation of the European Medicines Agency and the European Banking Authority from London

The European Commission has today made two legislative proposals to amend the founding Regulations of the European Medicines Agency (EMA) and the European Banking Authority (EBA). This follows last week’s agreement in the margins of the General Affairs Council (Article 50 format) to move the EMA and the EBA from London to Amsterdam and Paris, respectively. The Commission is acting swiftly in order to provide legal certainty and clarity, ensuring that both Agencies can continue to function smoothly and without disruption beyond March 2019. Under the ordinary legislative procedure, the co-legislators (the European Parliament and the Council) are expected to give priority to the handling of these legislative proposals. (full press release available here)