UK Regime for Overseas Firms

As the UK government and regulators start to consider the options for the UK regulatory regime following the UK’s departure from the EU, the IRSG plans to develop industry views on its recommendations on the UK’s openness to overseas firms.

Currently the UK operates a suite of different mechanisms providing access to international financial services firms.  This workstream will develop both high-level principles and detailed recommendations for the UK government and regulators on the UK’s regime for overseas firms.  The work of the IRSG will aim to make recommendations designed to make the UK more attractive and globally competitive.

The objectives of this workstream are to influence UK regulatory policy and/or supervisory approaches in favour of a more coherent regime that attracts international financial services activities.  It is expected that a more coherent and clearer access regime will provide an improved toolbox for the promotion of UK financial services internationally.

The workstream is chaired by Rachel Kent (Hogan Lovells) and includes representatives from financial services firms, trade associations, the legal profession and data providers. The IRSG is grateful to Clifford Chance, Linklaters and Norton Rose Fulbright who, in addition to the drafting team at Hogan Lovells, are supporting the workstream members.

The workstream includes representative from:

ABI

AFME

Agricultural Bank of China

Banco Sabadell

Bank of America Merrill Lynch

Barclays

BlackRock

BNY Mellon

BVCA

Cboe

Citadel Investment Group

Citigroup

Clifford Chance

Clifford Chance

CME Group

Credit Agricole CIB

Credit Suisse

Deloitte

Deutsche Bank

EY

Gibson Dunn

Guernsey Finance

Hogan Lovells

HSBC

IA

Invesco

IRSG

J.P. Morgan

Linklaters

London Market Group

National Australia Bank

Nomura International

Norton Rose Fulbright

SCOR

Slaughter and May

Societe Generale

UK Finance

Willis Towers Watson