The Legatum Institute Special Trade Commission (STC) and leading law firm CMS have produced a detailed study of how governments and regulators can work together to maintain efficient, closely integrated financial services markets across national borders. Following the launch of this study, the Legatum Institute hosted a panel which examined the real barriers and obstacles to cross-border financial services that businesses might face after the UK has left the EU and what can be done about them.
Like many Brexit related topics, the debate around the future of financial services can be frustratingly arcane, dominated by jargon and special pleading.
Paul Edmondson, partner in the financial services team at law firm CMS explained the principles set out in our paper, “A new UK/EU relationship in financial services”. Paul was joined on the panel by liberal democrat peer Baroness Sharon Bowles, speaking from her experience of EU FS regulation in her time in the European Parliament. Baroness Bowles sounded a note of caution on what can be done within the rules of the single market, but stressed that a transitional arrangement is in the EU’s interests as they seek to build capacity to compete with the UK.
Listen to clips from the event here.