The FMLC published a paper on the application and impact of World Trade Organization Rules on financial services in the context of Brexit.
Upon the U.K.’s withdrawal from the E.U., it is possible that the basis for the U.K.’s trade with the E.U. could take the form of: (1) U.K. membership of the European Economic Area; (2) a transitional arrangement; (3) a new bespoke treaty; or (4) E.U. commitments to the World Trade Organization (“WTO”) along with existing Third Country provisions. Each of these options is shaped by the WTO’s principles which have influenced and shaped international trade since 1947. The paper contains an overview of the WTO agreements relevant to financial services and their application. It then examines the legal uncertainties arising from the impact of these rules on each of the options above.
The paper can be downloaded here.