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Passporting and equivalence


Author: slg
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Based on expert advice, the Government’s choices seem to be narrowing. Here are our initial thoughts ahead of Theresa May’s Brexit speech. Stay tuned for our reaction following the Prime Minister’s update.

As is often the way, what we initially thought we needed to retain may be the one thing we might better avoid.

Norton Rose Fulbright’s recently published paper builds on and adds to the excellent work of Barney Reynolds of Shearman & Sterling, A Blueprint for Brexit.

A consensus does seem to be developing that the UK’s financial services industry will in fact be better off without passporting, but with a careful approach to equivalence. Equivalence would allow the UK to map its own path in financial regulation rather than being obliged to adopt EU directives over which they have no say.

The road to get to a triangulating financial hub interacting with New York as well as with European centres may be fraught with political dangers. However, those dangers seem to be so omnipresent in the Brexit and Article 50 discussion that there is an increase in observers and players and thinking ‘in for a penny in for a pound’.



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