Brexit Means Brexit: No Agreement on Financial Services Equivalence

Following several years of negotiations and political posturing, the United Kingdom left the European Union at the end of 2020. Throughout the negotiations, two issues, in particular, proved the most complicated:  First was the border between Ireland and Northern Ireland and second was the treatment and recognition of regulations in the Financial Services industry. So what’s next for Financial Services in the UK? This C&G client alert examines the phrase “Brexit means Brexit” and explores its implications to answer what’s next for Financial Services firms operating in both the UK and EU. The authors look at the requirements for both international and UK-based firms and offer guidance for potential next steps.