Japan’s Brexit response: Efforts to prepare for the Brexit from the EU – Finance, manufacturing, pharmaceutical
January 30, 2019
Among Japanese companies based in the UK, there are moves to prepare for the Brexit from the EU.
Financial institution
The EU has a “single passport” system that allows you to operate in other countries if you get approval from the authorities in one member country.
However, financial institutions approved in the UK may be restricted in the EU region after withdrawal.
“Nomura Holdings”,
In addition to the base in London, also set up a new base in Frankfurt, Germany.
It was approved by the financial authorities in June last year.
“Daiwa Securities Group Headquarters”: Frankfurt
“Mizuho Securities”: Frankfurt
“SMBC Group”: Frankfurt
“Mitsubishi UFJ Securities Holdings”: Amsterdam, The Netherlands
already acquired a license necessary for sales within the EU.
Manufacturer
Movements in preparation for withdrawal are spreading among Japanese manufacturers based in the UK.
Sony:
Exporting products such as televisions and cameras imported from factories in Japan and Asia through the UK subsidiary overseeing the European business into the EU.
In April decided to transfer the registration of the base to do the trade procedure from the UK to the Netherlands.
Meanwhile, planning to leave the European business and supervisory work and employees in the UK.
Panasonic:
In October of last year, moved some of the functions to headquarters in the Netherlands.
Honda:
After the withdrawal, if imports of parts etc are stalled from the EU, plan to suspend operations in April for 6 days.
Toyota:
considering temporary suspension of operations in British factories in preparation for delays in imports after withdrawal.
Nissan Motor is also considering countermeasures.
Pharmaceutical company
Eisai:
selling drugs approved in the UK within the EU.
intend to reinforce our base in Germany and review the system so that both EU and the UK will obtain approval.
planning to increase the stock of raw materials in the UK in preparation for the situation of logistics stagnation.
Otsuka Pharmaceutical:
has a base in London to approve medicines.
considering newly establishing a base in the Netherlands as well.
“Withdraw without agreement”
When “unannounced departure” becomes a reality, it is unavoidable that the impact on Japanese companies based in the UK can not be avoided.
Firstly, it is the influence on logistics between the UK and the EU. It may take more time and more than it is now.
It is expected that there will be an impact on ensuring labor.
Foreign workers who moved from the EU are working in British factories and other places.
The working conditions of these people may become more severe.
When a Japanese company entering the UK exchanges personal data such as customers and employees with the EU,
There is also concern that new permission is required.
NHK News