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Brexit

On June 23rd 2016, the United Kingdom voted to leave the European Union by 52% with more than 30 million people voting. The impact of this decision will be unprecedented and something every business will need to address.

What will the impact be?

On 23 June 2016, the United Kingdom voted to leave the European Union. The impact of this decision will be considerable and although the post-BREXIT model between the UK and EU is still to be agreed, businesses need to begin planning and assess the risks and opportunities that will result from exiting the European Union.

TORI Global has the knowledge and experience to provide decision-makers in financial services organisations with the insight and support they need to overcome obstacles and exploit opportunities created by BREXIT.

DOWNLOAD OUR 10 POINT BREXIT-IMPACT ASSESSMENT

Our experienced practitioners have built a 10 point business assessment to channel your planning and ensure your business is ready for the impacts of Brexit. Get in touch with us to discuss what this means for your organisation brexit@toriglobal.com

Financial Services

Anti-money laundering, anti-bribery & sanctions in a post-BREXIT world

The European Union’s (EU) 4th Anti-Money Laundering Directive (4AMLD) is due to come into force in June 2017 and internationally, a primary focus for governments and regulators continues to be on fighting financial crime. In a post-BREXIT world, what anti-money laundering, anti-bribery and sanctions strategy will the United Kingdom (UK) government adopt?

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EU EEA comprehensive passporting vs basic third-country regimes

The EU EEA (European Economic Area) passporting right to provide regulated services is hardwired into financial regulations and constitutes a key feature of the single market, available across both EU member states and EEA EFTA (European Free Trade Association) states (“EU EEA firms”). In principle, availability is simultaneous between any EU EEA state and any other EU EEA state. In contrast, third-country firms outside the EU and EEA rely on third-country regimes to offer regulated services.

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UK putting on EFTA EEA’s straightjacket? Poor fit for FinReg

The EFTA EEA (European Free Trade Association / European Economic Area) arrangement, also known as the “Norway option”, is generally viewed as the least disruptive alternative to full EU membership, as it grants near-total access to the EU internal market. All other existing forms of access are sectoral and individually negotiated, and consequently more limited.

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Data

The effect of BREXIT on the European Union’s single-market digital strategy

In May 2015, European Commission business ministers announced plans for a single-market digital strategy to improve cross-border trade by cutting ‘red tape’ and promoting further the free movement of labour.

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Will BREXIT save you from the European Union’s onerous new data protection rules?

The European Union’s (EU) General Data Protection Regulations (GDPR), comes into effect on 28 May 2018 and will immediately introduce arduous new obligations upon any organisation possessing data belonging to EU citizens.

The GDPR will require organisations to obtain an individuals’ explicit consent before the organisation stores or uses (processes) data relating to that individual (the data owner). An organisation will no longer be able to rely upon the implied consent of a data owner. This requirement will have a substantial impact on the development of systems and software, as organisations will no longer be able to use ‘real data’ by merely ‘data masking’ confidential data components.

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Contracts

Brexit and the ISDA MA

Although we are told that “Brexit means Brexit”, it is currently far from clear what Brexit will actually mean. The government’s reluctance to trigger Article 55 has left the UK mired in a politico-legal demilitarised zone; the exit paths of which are well-defined, but each ending in a different landscape. There are however, areas where the Brexit fog is less opaque, the way ahead can at least be discerned. By their inherently global nature and design, derivatives agreements will be largely unaffected by the various disparate Brexit outcomes. This note will briefly look at possible areas of concern in the ISDA Master Agreement.

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Risk and Governance

Brexit – Triggering Article 50

Article 50 of the Treaty on European Union (TEU) sets out the procedure for the withdrawal of a Member State from the EU. Article 50 imposes that the withdrawal of such Member State must “be in accordance with its own constitutional requirements”. Upon commencement there will be a two-year timeline, and once finished the Member State must leave the EU. However, the other Member States could decide, on a unanimous vote, to extend this particular period.

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