This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more
Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more
8/21/2018
/ Central Counterparties ,
EMIR ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
HM Treasury ,
Senior Management Regime (SMR) ,
Short Selling ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
The European Commission today published a communication addressing the possible consequences of a hard Brexit. In it, they discuss the long-standing question of the continuity of contracts that straddle the Brexit date. This...more
The U.K.’s HM Treasury has set out its approach to the grandfathering of EU27 businesses on Brexit and to how existing EU financial services directives and regulations are to be adopted into U.K. law at the moment of Brexit...more
On 13 July 2017, the UK government published the European Union (Withdrawal) Bill, known as the “Great Repeal Bill.” This major piece of constitutional legislation sets out the government’s proposals for transforming existing...more
The European Commission has published draft legislative proposals which would require large non-EU banking firms with EU operations to establish an intermediate holding company in the EU. The proposed rules are similar to US...more
The UK Government recently indicated that it intends to negotiate a unique EU-UK relationship post-Brexit. It is hoped that the arrangements will be appropriate for the UK and London’s position as a leading international...more
Since the UK voted to leave the EU on 23 June 2016, there has been much speculation about the form of the future access arrangements between the UK and the EU for financial institutions. In a scenario where no new deal is...more
On Thursday 23 June 2016, the UK electorate voted to leave the European Union. While this vote was advisory in nature, we expect that ultimately the UK Government and Parliament will respect the outcome and serve notice to...more
6/29/2016
/ Acquisition Agreements ,
Article 50 Treaty of the EU ,
Cross-Border Transactions ,
EU ,
EU Directive ,
European Economic Area (EEA) ,
Financial Markets ,
Foreign Judgments ,
Grandfathered Status ,
Member State ,
Merger Agreements ,
Popular ,
Scotland ,
Trade Relations ,
UK ,
UK Brexit ,
Value-Added Tax (VAT) ,
WTO
Today, it was announced that the UK public has voted to leave the European Union. There will now be a negotiation of a new relationship between the UK and Europe. The fact of the vote itself has no legal effect on the laws of...more
The UK is holding a referendum on 23 June 2016 to decide whether or not to remain a member of the European Union. There seems to be a disconnect between some aspects of public discourse on the vote and the actual effect of an...more