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ARTICLE · 14 NOVEMBER 2016

Reynolds Authors A Blueprint For Brexit

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Partner Barnabas Reynolds, head of Shearman & Sterling's global Financial Institutions Advisory & Financial Regulatory Group, has authored A Blueprint for Brexit.

United StatesFinance and Banking
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Partner Barnabas Reynolds, head of Shearman & Sterling's global Financial Institutions Advisory & Financial Regulatory Group, has authored A Blueprint for Brexit: The Future of Global Financial Services and Markets in the UK, published by POLITEIA on November 2, 2016. In this paper, Reynolds sets out two models for leaving the European Union that will enable UK's financial services and global markets to maintain their pre-eminence.

Reynolds addresses the issues with adopting the EU's passporting system:

  • Britain would be obliged to make concessions to the EU (e.g., on sovereignty or free movement of persons); and
  • Passporting would subject the UK's financial services to the growing trend of EU protectionist and non-market-friendly rules that the UK would have no part in formulating.

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