Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 22 JANUARY 2018

Brexit: Battle For The Banks

Mishcon de Reya LLP
Mishcon de Reya LLP
Contributor
Mishcon de Reya LLP

Mishcon de Reya LLP

Founded by Lord Mishcon in 1937, in a one-room office in Brixton, Mishcon de Reya now employs over...

View firm profile
Explore more from Mishcon de Reya LLP

The fight is on to attract business away from London. But what should banks be thinking about when deciding where to move?

European UnionFinance and Banking
Mark Foster
Mark Foster

The fight is on to attract business away from London. But what should banks be thinking about when deciding where to move?

Brexit brings many challenges. But one of the biggest potential risks or opportunities – depending on your viewpoint – concerns relocation of EU operations for international banks. London has long been the pre-eminent global centre for foreign banks and international finance. Whilst London will no doubt remain an important centre post-Brexit, it would seem (as things stand) that the cherished EU passport regime will not continue once the UK has left the EU. As such, many international banks will need to find a new EU headquarters if they are to continue servicing clients cross-border throughout the EU. Bank Boards will need to make such decisions in the coming months, given the time it will take for authorisations and regulatory permissions to be acquired. So what are the views of the key regulatory and supervisory actors at EU and national level?

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

FCA Finalises Cryptoasset Perimeter Guidance Ahead Of The New UK Regime

The Financial Conduct Authority has released comprehensive perimeter guidance for the UK's new regulated cryptoasset activities regime, clarifying when firms will need authorization and how the regulatory framework applies to qualifying cryptoassets and stablecoins. The guidance addresses critical questions about scope, territorial application, and the narrower "by way of business" test that determines which entities fall under the new regulatory requirements.
United KingdomFinance and Banking
Katten
Katten
Article

Cryptoasset Regulation: UK Advances Comprehensive Regime As US CLARITY Act Stalls

The UK's Financial Conduct Authority has finalized comprehensive perimeter guidance for its cryptoasset regime, opening a five-month authorization window for firms, while the US Senate's procedural rejection of the CLARITY Act leaves American digital asset regulation to continue through agency action. This divergence highlights fundamentally different regulatory approaches: a legislatively anchored UK implementation path versus US reliance on existing statutory authorities as Congress debates market structu
United KingdomFinance and Banking
PwC Legal Germany
PwC Legal Germany
Article

The Future Of Islamic Finance: Insights From IFN UK Forum 2026

Islamic finance is experiencing rapid global expansion, with assets approaching US$6tn and record sukuk issuance attracting non-traditional investors. The convergence of Shariah-compliant and sustainable investing is creating new opportunities, while AAOIFI Standard No. 62 and tokenisation developments are reshaping how Islamic finance structures are designed and implemented across international markets.
United KingdomFinance and Banking
Walkers
Walkers
Article

New AIM Rules (August 2026)

The London Stock Exchange has implemented sweeping reforms to the AIM Rules, fundamentally reshaping admission requirements, transaction thresholds, and governance obligations for companies on the Alternative Investment Market. These changes eliminate longstanding requirements like working capital statements and corporate governance codes while introducing new features such as capital access windows and special voting shares, marking the most significant overhaul of AIM regulations in recent years.
United KingdomFinance and Banking
Shoosmiths LLP
Shoosmiths LLP
Article

Investment Management Update - September 2026

The Financial Conduct Authority has released a comprehensive package of regulatory updates and findings covering investment management, wealth management, and consumer protection. Key developments include reforms to MiFID costs and charges disclosures, remuneration code changes, AIFM regime overhauls, and detailed reviews of firms' Consumer Duty compliance, financial crime controls, and governance frameworks.
United KingdomFinance and Banking
Macfarlanes LLP
Macfarlanes LLP
Article

Nearly Out Of PERG-atory – But Not Quite Yet: Good News As The FCA Finalises PERG 18 On Cryptoassets, But With Even More Legal Changes To Come

Cryptoasset firms face a rapidly evolving regulatory landscape as the FCA's authorisation gateway opens on 30 September 2026. With the Financial Services and Markets Act 2000 (Cryptoassets) (Miscellaneous Amendments) Regulations 2026 laid before Parliament and the FCA's finalised PERG 18 guidance published within 24 hours, firms must navigate significant perimeter changes including new stablecoin payment exclusions.
United KingdomFinance and Banking
Travers Smith LLP
Travers Smith LLP
Article

Modernising UK Payments: HM Treasury’s Proposed Overhaul Of The Payment Services Regime

On 14 July 2026, HM Treasury published its long-awaited consultation on modernising the UK’s payment services and electronic money regulatory framework. The consultation is part of the Government’s National Payments Vision agenda, which aims to ensure that the UK has a trusted, world-leading payments ecosystem delivered on next generation technology, while preserving choice for consumers and businesses.
United KingdomFinance and Banking
A&O Shearman
A&O Shearman
Article

SFDR 2.0 – European Parliament Negotiating Position: The Stage Is Set For Trilogue

The European Parliament has published its negotiating position on SFDR 2.0, setting the stage for trilogue negotiations between the Commission, Parliament and Council. With the asset management industry hoping for relief from the complexities of SFDR 1.0, the Parliament's proposals claim to simplify the regime while maintaining credibility of sustainability-related investments.
United KingdomFinance and Banking
Travers Smith LLP
Travers Smith LLP
Article

UK Right To Work Checks: What Changes On 1 October 2026

The UK's right-to-work regime is undergoing a fundamental transformation that will extend compliance obligations far beyond traditional employment relationships. From 1 October 2026, businesses engaging contractors, agency workers, platform-based workers, and complex supply chains will face new liability risks that travel up entire contracting chains. Understanding these changes and implementing the required contractual terms, substitution controls, and identity verification systems is now critical for orga
United KingdomEmployment and HR
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Manchester City: Independent Commission Publishes Decision On Premier League Charges

An independent Premier League Commission has found Manchester City in breach of financial rules spanning nine seasons, with findings that the club artificially inflated revenues and reduced costs by over £900 million. The decision marks what the Premier League describes as the most significant case in its history, though Manchester City strongly disputes the findings and intends to appeal, setting the stage for further proceedings that could reshape English football's regulatory landscape.
United KingdomCorporate/Commercial Law
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Meta's $18 Billion Settlement: Reckoning Or Managed Exit?

Meta has agreed to pay up to $18 billion over 10 years to settle claims by 52 US state and territory attorneys general in the largest state consumer-protection settlement in American history outside tobacco. The settlement imposes binding child-safety obligations including time limits and age assurance, but leaves the core algorithmic feed unchanged and raises questions about whether this represents genuine accountability or a commercially managed outcome.
United KingdomLitigation, Mediation & Arbitration
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

The New Trade Union Right Of Access: What Employers Need To Do Now

From 30 October 2026, independent trade unions will gain statutory rights to access workplaces - both physically and digitally - regardless of existing union membership or recognition. With tight statutory deadlines for responding to access requests and penalties reaching £500,000 for repeated breaches, employers face a significant shift in how unions can establish themselves in previously non-unionised workplaces.
United KingdomEmployment and HR
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Samsung Ordered To Pay The Swatch Group US$11.6 Million In Damages For Trade Mark Infringement

The High Court has awarded the Swatch Group US$11.6 million in negotiation damages against Samsung for trade mark infringements involving watch face apps on the Galaxy App store. Rejecting both parties' extreme valuations of US$170 million and US$301, the court established important principles for assessing damages when brand owners don't license their marks and no comparable market royalties exist.
United KingdomIntellectual Property
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Renters' Rights Act 'Register Your Rental Property' Service To Launch In December 2026

The UK Government has announced the regional rollout of its new Private Rented Sector database, requiring landlords to register themselves and their properties starting December 2026. With annual fees of £65 per property and potential fines for non-compliance, this comprehensive registration system will fundamentally change how rental properties are tracked and regulated across England.
United KingdomReal Estate and Construction
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

R (University Of Sussex) v Office For Students: Reshaping The OfS's Guidance On Freedom Of Speech And Academic Freedom

The High Court's landmark ruling in R (University of Sussex) v Office for Students has fundamentally reshaped how the OfS regulates freedom of speech in higher education, leading to revised guidance that requires holistic policy assessment and proper consideration of remedial actions. With the new free-speech complaints scheme now operational, institutions face heightened scrutiny of their policies and must ensure their frameworks protect lawful speech while meeting equality obligations.
United KingdomConsumer Protection
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Can Insurers Avoid Covering Defence Costs Under A D&O Policy Before Fraud Is Proved?

In a landmark ruling, the English Commercial Court has determined that insurers must continue advancing defence costs under D&O policies even when fraud allegations are pending, provided a non-avoidance clause is present. The decision addresses whether such clauses violate public policy and establishes that insurers cannot withhold coverage until fraud is either admitted or proven by final court decision.
United KingdomInsurance
Mishcon de Reya LLP
Mishcon de Reya LLP
Article

Protecting Reputation In The AI Era: How To Prepare, Monitor And Respond

AI has fundamentally altered how reputation is shaped, with AI-powered search engines now delivering authoritative-seeming summaries rather than traditional search results. From deepfakes and voice cloning to coordinated review bombing and bot-driven harassment campaigns, the threats are evolving rapidly—but so are the defensive tools available to those who understand how to deploy them strategically.
United KingdomMedia, Telecoms, IT, Entertainment
Mishcon de Reya LLP
Mishcon de Reya LLP