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PM May's Tough Talk On Brexit Dims Banks' Passport Hopes

October 4, 2016, Law360

Carlo Kostka is quoted in a Law360 article regarding British Prime Minister Theresa May's speech which indicated that the financial services sector should prepare to lose the passporting rights that make it easier for UK-based firms to do business across the EU. According to Kostka, "She's setting out a negotiating position that seemed harder than softer, which in my view makes it more difficult to get to the passporting that all the financial services firms have said they desperately want.” He continues, “The bottom line is that passporting seems further away rather than closer."

Kostka, commenting that the fix may not be as simple as replacing references to EU institutions with UK counterparts, says, "Rational lawyers could agree this is a principled approach to solving a very complex problem … But will it solve the passporting issue? No. Will it solve the equivalence issue automatically? No. Will there not be mistakes? No" He adds,"There's no silver bullets here."


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