Policymakers, counsel, regulators and industry participants
have gathered in New York to discuss the global challenges
facing US financial services. The disruptive legal and market
effects of Brexit are prominent concerns – especially
for US banks – with a hard Brexit now
looking increasingly likely.
On June 23, the UK referendum on the country’s
EU membership returned a vote to leave the 28 member state
bloc. To enact that course, the UK must first trigger article
50 of the Lisbon Treaty - this looks set to occur in the first
quarter 2017, after which there will be a round of EU-wide
negotiations on the exact terms of the UK’s exit.
For US counsel and banks, the core issue is whether the UK will
retain access to the EU’s single market. That
option, known as a 'soft Brexit’, is the
alternative to a 'hard Brexit’, one that will
feature little to...