The FMLC’s paper on issues of legal uncertainty arising from Brexit was published. In the paper, entitled Issues of Legal Uncertainty Arising in the Context of the Withdrawal of the U.K. from the E.U.—the Provision and Application of Third Country Regimes in E.U. Legislation, the FMLC identifies and considers various issues of legal uncertainty related to the future classification of the U.K. as a Third Country with regards to E.U. law and examines the manner in which these issues affect the specific industry sectors that constitute the wholesale financial markets.
In particular, the FMLC analyses legal complexity related to: (i) the scope of Third Country regimes, including the question of the range of market activities for which there is no concept of equivalence; (ii) the conditions that the U.K. and British regulators will have to satisfy in order that such a determination might be made; (iii) the timescale within which the U.K. might be able to secure a positive determination on access; and (iv) impact of losing these access rights and the further uncertainties which arise thereon.
The paper can be downloaded here.