October 15, 2019

October 15, 2019

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October 14, 2019

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House of Commons Committee Publishes Report on Post-Brexit UK-EU Relationship

On April 4, the House of Commons Exiting the European Union Committee published a report on the future UK/EU relationship following the United Kingdom’s withdrawal from the European Union. The report examines existing EU relationships with Canada, Ukraine, Switzerland, Norway and Turkey, the impact of trading on World Trade Organization terms (i.e., without a trading agreement in place), and the United Kingdom’s future relationship with the European Union.

The report set outs certain tests by which the committee will judge the political declaration it expects to be reached by October. Notable examples include:

  • any new immigration arrangements set up between the United Kingdom and the European Union must not act as an impediment to the movement of workers providing services across borders or to the recognition of their qualifications and their right to practice;

  • there must be no additional costs to businesses that trade in goods or services;

  • UK providers of financial and broadcasting services must be able to continue to sell their products into EU markets as at present; and

  • UK providers of financial and other services should be able to retain automatically, or with minimal additional administration, their rights of establishment in the European Union, and vice versa, where possible on the basis of mutual recognition of regulatory standards.

The report concludes that the Comprehensive Economic and Trade Agreement between the United Kingdom and Canada could be a starting point for the UK-EU agreement, but that it would require significant additions to reflect that the United Kingdom and European Union markets are “already very much more integrated.”

The report is available here.

©2019 Katten Muchin Rosenman LLP

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John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws and regulations. 

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Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

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Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

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