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It is hoped that, with Brexit on the horizon, the EU and UK will reach a new deal which preserves the ability of customers and financial institutions to continue their existing access rights. However, there is no certainty that this will be achieved. Financial services firms have been preparing for the fallback of a “no deal” alternative. It is important for firms and customers to take steps now to ensure that they are in a position best to continue providing and receiving financial business between the EU and London, whatever happens. Action taken now can avoid the need and expense of moving significant operations out of the UK. Various legal techniques can be used to minimise the need for such moves. With the following 10 steps[1] as a framework, UK businesses can prepare for different contingencies and provide their customers with the benefits of the most efficient possible access to capital from the global financial centre in this timezone, whatever the Brexit outcome.
[1] In his latest book, ‘The Art of the No Deal—How Best to Navigate Brexit for Financial Services,’ published with Politeia, partner Barnabas Reynolds analyzes these steps further. To read the book, see ‘The Art of the No Deal—How Best to Navigate Brexit for Financial Services.’ Note that this is a personal publication of the author in such capacity and is not a publication of Shearman & Sterling LLP.
[2] You may like to see our client publication, “Continuity of Contracts and Business on a “Hard” Brexit: Human Rights and Reverse Solicitation to the Rescue!”—available here.
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