US counsel cautiously optimistic over Brexit

Author: Edward Price | Published: 1 Jul 2016

The UK referendum on EU membership returned a surprise result: leave. US counsel, studying those issues critical for US banks, see much cause for optimism.

The key areas of uncertainty for US banks include their future in the UK, the immediate implications for the US economy, and the future regulatory agenda in Europe.

US counsel see no good reason to panic on any count. "In any disruption there is opportunity created both for new market participants and for lawyers to help clear up any new rules," said Gregory Lyons, partner at Debevoise & Plimpton.

Making a home

A key issue for the US is the immediate impact on US banks. Short term, and aside from increased market volatility, counsel in the US feel it’s unlikely there’ll be any immediate impact on US banks in the UK. That isn’t, however, the $1 million dollar question. Instead, the concern is the medium...