by Melvyn Morrison

On 23rd June 2016, British citizens voted by a slim majority (52% versus 48%) to leave the European Union. Nine months later, on 29th March 2017, the British government triggered Article 50 of the Lisbon Treaty to formally notify the European Council about its intention to leave the European Union. This not only marked the start of a 2-year period for negotiating the exit terms, but also prompted a discussion about the future rights of expatriates. The UK is thus due to leave the EU on 29th March 2019 after the exit terms have been agreed. If the terms of a so-called ‘divorce settlement’ are not announced by 21st January 2019, several options are available including leaving the EU without a deal, and delaying departure by seeking extension of the deadline with the unanimous support of the UK and the other 27 EU countries. However, the UK’s relationship with the EU will still remain largely the same until after the transition period that is presently scheduled to end on 31st December 2020. UK expatriates would certainly have liked to have been formally consulted about crucial decisions affecting their futures.  Continue reading…

As the UK prepares to leave the EU, FCA solo regulated firms should consider if or how they will be affected and what action they may need to take. Firms need to make sure they understand the implications of Brexit and plan accordingly. Passporting currently allows firms authorised in an EEA state to conduct business within other EEA states based on their ‘home’ member state authorisation.
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British and European Union banks need a new system to let them do business with each other after Brexit to avoid splitting markets, Britain’s finance minister Philip Hammond said on Tuesday. Britain, the EU’s biggest financial market, is leaving the bloc in 2019, raising the prospect of an abrupt cut in cross-border links without a new trade deal. Rival financial centers, including Frankfurt, Paris and Luxembourg, are vying to benefit.

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Dealmaking appetite in Europe has been overshadowed by the UK’s decision to leave the European Union, according to the fourth edition of the European M&A Outlook, published by CMS in association with Mergermarket. The report canvassed the opinions of 230 Europe-based executives, from corporates and private equity firms, both before and after the UK’s referendum on 23 June. In the aftermath of the Brexit vote, 66% of respondents believed European M&A will be more muted over the next 12 months, compared to just 18% pre-referendum. Moreover, while only 23% of those surveyed before 23 June felt less positive about levels of European M&A activity than they did in the previous year, after the vote 90% said they were less positive about the European deal outlook.
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by Christophe Donay

Results from the UK’s referendum on membership of the European Union (EU) indicate that voters have decided the UK should leave the EU. This result is likely to have wide political, economic and financial market repercussions, leading us to alter our economic and market forecasts and, potentially, our asset allocation. Continue reading…