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...