Much of the analysis offered in the media and other publications to date as to the implications of Brexit for the bulk of business carried on in the City has been misleading and has overlooked or omitted key points. Institutions conducting wholesale investment services — that is, broadly, principal and agency broking/dealing, custody services, fund management outside the scope of the Alternative Investment Fund Managers Directive (AIFMD), and investment advice with professional and sophisticated investors — into EU member states will be able to do so without the need for regulation other than in the UK. The article discusses the position for banks and investment banks under MiFID II once the UK has exited the EU.View full memo, Brexit: Continuity of Current Arrangements for Banks and Investment Banks
