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What does the picture look like for financial services one week after the Article 50 notice?

6 April 2017

By Rachel Kent

The main focus of the commentary so far has been on the references to security (in the Article 50 notice) and the references to Gibraltar (in the EU response).

What though does this mean for the Financial Services Industry in the UK and the EU? Whether by accident or design, within two days of the Article 50 notice we saw the draft guidelines from the EU. Both they, and the Government's response, reflect a major step forward compared to where we feared we would be a few months ago.

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Industries: Financial Institutions
Jurisdictions: United Kingdom

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Does CETA provide a workable model for market access in the financial services industry?

3 April 2017

By Rachel Kent and Dominic Hill

Does CETA provide a workable model for market access in the financial services industry?  At the risk of spoiling the plot: no, not really.  What does the industry mean when it says it wants market access?

The IRSG/CityUK Report on Third Country Regimes and other Alternatives to Passporting noted the UK Government's desire to seek as much mutual access in financial services as possible.  Given that the UK Government has also rejected the option of EEA membership, passporting – at least in its current form – is off the agenda.  The Report concluded that, in this case, a bespoke mutual access deal providing something as close as possible to passporting is the optimal solution. 

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Jurisdictions: United Kingdom

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Article 50 – let the Brexit negotiations begin

29 March 2017

By Charles Brasted

On 29 March 2017, Sir Tim Barrow, the UK’s permanent representative in Brussels, personally handed over a letter, signed by Prime Minister Theresa May, to Donald Tusk, the President of the European Council, providing notification of the UK’s intention to leave the EU. This means that the UK Government has officially triggered Article 50 of the Lisbon Treaty, marking the beginning of the formal negotiations to exit the EU.

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Jurisdictions: United Kingdom

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What you need to know before Brexit gets underway this week

27 March 2017

By Charles Brasted and Andrew Eaton

This Wednesday, the UK embarks on a journey not previously taken by any other EU Member State. The process for withdrawing from the EU, which will get officially underway following the UK's formal notification to the European Council of its intention to withdraw from the EU on 29 March 2017, is untested and there is much uncertainty about how it will run. 

Here we answer five crucial questions about what comes next. To find out more, join us the day after Article 50 is due to be triggered, 30 March 2017, for the first in a series of webinars we will be hosting throughout the Brexit process by clicking here.

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Video: The Hogan Lovells Brexometer

27 March 2017

Susan Bright, Managing Partner for the UK and Africa and Leader of our Brexit Taskforce, shares highlights from the Hogan Lovells Brexometer survey, which measures the sentiment of business leaders across the world on the impact of Brexit.

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Jurisdictions: United Kingdom