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Brexit: Why the Fintech Industry Should Be Watching Closely - Part 9 [VIDEO]

Jeff Hay and Ted Claypoole discuss the potential negative impact that Brexit may have on the investment community and access to the European Investment Fund in this latest addition to our multi-part video series discussing the U.K.’s decision to leave the EU and the potential challenges and opportunities Brexit poses for businesses on either side of the Atlantic.

Jeff: Ted, let’s move to technology and Fintech in particular.  Charlotte is becoming a Fintech innovation hub.  London has been a major technology and Fintech Center for a long time.  So, let’s talk about the issues that could affect the tech industry in the UK.  But before we get to the legal issues, what’s the effect of Brexit on the investment community in London right now.  I mean has it been a negative, had a negative impact or what have you seen from an investment point of view.

Ted: Well, we haven’t seen much other than consternation at this point, but I think the real concern is the lack of access to the European Investment Fund, which between 2011 and 2015, the European Investment Fund put over 2 billion pounds worth of investment into small British companies.  And, they invested in over 144 funds that also supported those companies.  So, essentially Britain has to figure out how to take money that was going into the European Investment Fund and create organizations internally that can match that or continue that, because right now, that’s a lot of money being taken off the table assuming that whatever model that Britain ends up with whether it’s the Norwegian plus bells model or one of the others doesn’t allow Britain remain in this investment fund.

View Part 1 - Brexit: Overview and Reactions

View Part 2 - Brexit: Currency Issues and Inflation

View Part 3 - Brexit: Outlook for the EU and Impact on the U.S.

View Part 4 - Brexit: U.S. Opportunity in the U.K.

View Part 5 - Brexit: The Impact on Mergers and Acquisitions

View Part 6 - Brexit: What the U.K.’s Exit Might Look Like

View Part 7 - Brexit’s Potential Impact on Corporate Passporting and the Banking Industry

View Part 8 - Brexit’s Potential Impact on Corporate Passporting and the Banking Industry Pt 2.

Copyright © 2022 Womble Bond Dickinson (US) LLP All Rights Reserved.National Law Review, Volume VI, Number 309
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About this Author

Theodore Claypoole, Intellectual Property Attorney, Womble Carlyle, private sector lawyer, data breach legal counsel, software development law
Senior Partner

As a Partner of the Firm’s Intellectual Property Practice Group, Ted leads the firm’s IP Transaction Team, as well as data breach incident response teams in the public and private sectors. Ted addressed information security risk management, and cross-border data transfer issue, including those involving the European Union and the Data Protection Safe Harbor. He also negotiates and prepares business process outsourcing, distribution, branding, software development, hosted application and electronic commerce agreements for all types of companies.

...

704-331-4910
Jeffrey S. Hay, Corporate lawyer, Womble Carlyle, Law Firm
Partner

Jeffrey Hay serves as a member of the Firm’s Management Committee, is the Office Managing Partner of the Charlotte Office and is the Leader of the Firm’s Global Business Group.  He also serves on the leadership group for the Bond Dickinson-Womble Alliance. 

Jeff Hay has represented corporate clients, private equity groups and venture capital funds for more than 30 years. He has extensive experience in representing middle market, emerging growth and technology companies in private equity and venture capital financings, mergers and acquisitions,...

704-331-4950
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