With less than one year to go until 29 March 2019, UK banks, asset managers, insurers, investment firms, and other financial institutions are striving to identify the most efficient roadmaps to address the impact of Brexit on their business models for the provision of services in the EU.
In their quest, financial institutions pursue various goals whose reconciliation appears far from easy: ensuring seamless services to their clients; limiting the organizational costs; preserving the ability to offer to clients UK-booked accounts; especially for non-European groups which have been using the UK as a point of entry to the Old Continent, minimizing the impact on existing delegation and outsourcing structures.
Against this background, partners from leading independent European law firms Chiomenti (Italy), Cuatrecasas (Spain and Portugal), Gide (France), and Gleiss Lutz (Germany) - will bring to London a continental perspective on the key legal, regulatory, and organizational issues underlying the current discussion:
- the cross-border outsourcing of material functions and the appropriate level of “substance” to be (re)located in the EU;
- business models involving multiple booking centres and target jurisdictions;
- should EU Regulators be expected to facilitate a smooth transition? The positions expressed by the EBA, EIOPA, and ESMA and the four firms’ day-to-day experience;
- the impact on existing agreements with clients and other financial institutions;
- leaving the EU: transfers of clients to a third party versus managing run-off portfolios of clients’ relationships.
Our “Post-Brexit "Licensing continuity" strategies for UK Banks, Asset Managers and Insurers” conference will be held on 18 September 2018, from 11 a.m. to 1 p.m., at our premises in London: 15th Floor, 125 Old Broad Street.