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Partner Barnabas Reynolds (London-Financial Institutions Advisory & Financial Regulatory) was a speaker and panelist at the launch in London of a paper entitled "The Ideal US-UK Free Trade Agreement," which he co-authored. A similar launch took place simultaneously in the Houses of Congress, Washington DC.
The paper sets out an ideal trade agreement, from a free trader's perspective, between the United States and the United Kingdom. Barney authored the chapter of the agreement on financial services, as well as related commentary. This sets out a proposal for the unfettered provision of wholesale investment business across the Atlantic, based on the U.K.’s existing “overseas persons exclusion,” and also the provision of financial services more generally under home state regulation based on “enhanced equivalence,” mirroring the U.K.’s proposal to the EU in financial services. The provision of services, and product sales, would be on a caveat emptor basis, and customers in each market would be protected by the court system, the financial regulations and the financial supervisors of the provider’s jurisdiction. Given that both countries’ systems are top end and robust, this should be easily achievable.