Shearman & Sterling was the only law firm to present at the prominent BBA Foreign Banks Forum on June 30, 2016, in London. Barney Reynolds (London), partner and head of the global Financial Institutions Advisory & Financial Regulatory Group, James Duncan (London), partner in the global Finance Group, Thomas Donegan (London), partner in the global Financial Institutions Advisory & Financial Regulatory Group and Jo Rickard (London), partner in the global Litigation Group, spoke on Brexit and other key issues for foreign banks.

Reynolds and Duncan examined the impact of the historic Brexit decision, particularly in relation to foreign banks in the UK banking industry. With a wealth of experience in financial regulatory matters, they provided insights on a wide range of pertinent issues relevant to the UK’s decision to leave the European Union. Reynolds discussed the implications for banks and investment banks with his presentation on “Brexit: Continuity of current arrangements for banks and investment banks.” Duncan, in his presentation on “Implications for derivatives, structured finance and other forms of financing,” provided valuable insight into the likely consequences that the Brexit vote may have on financing arrangements, including derivatives and structured products.

Thomas Donegan (London), partner in the global Financial Institutions Advisory & Financial Regulatory Group presented on “UK and EU business for foreign banks: onshore and offshore booking, senior management responsibility and other issues”. His presentation covered the current structuring considerations for foreign banks in their businesses in the UK and EU, with an eye to any changes that might arise through Brexit.