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Digital Subscriptions > The Hedge Fund Journal > Issue 117 - October 2016 > Life After Brexit For The Financial Industry

Life After Brexit For The Financial Industry

The future for Luxembourg funds and companies

Britain’s vote in June to leave the European Union represents a huge leap into the unknown for the United Kingdom, but also for the EU partners with which it currently shares close trading relationships as well as common political and economic interests. How these relationships are reconfigured represents a major challenge for EU leaders over the next two-and-a-half years, and possibly longer, and perhaps even more for companies whose business encompasses both the UK and other European countries.

These issues are particularly important for the financial sector, given the way it has been shaped by the single market in goods and services and the developing concept of cross-border ‘passporting’, especially over the nearly 25 years since the signing of the European Single Act. Today the industry is subject to a complex, interwoven web of directives, delegated regulations and regulatory guidance, even more so since the 2007-08 financial crisis revealed gaps in the EU’s ability to monitor and ward off existential threats to the financial system.

Now, at least for the UK, some of that web of rules is likely to be unwound, but when and how is shrouded in uncertainty. The British government has indicated that it may decide to ‘repatriate’ directly applicable EU legislation by enacting it into domestic law, giving it the option subsequently to repeal or amend measures with which it disagrees, and the freedom to keep in place those it remains comfortable with.

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About The Hedge Fund Journal

INFORMING THE HEDGE FUND COMMUNITY With access to some of the industry’s biggest names and an astute and talented group of writers and contributors, The Hedge Fund Journal has established itself as a trusted source of information on the hedge fund industry.
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