Despite Brexit agreement, managers still face issues
Leonard Ng
While Brexit is operationally becoming a smaller risk for managers that have now largely secured permissions for their companies to operate in the European Union, they say challenges remain.
Leonard Ng, partner at law firm Sidley Austin LLP in London, said the Dec. 24 agreement of a trade deal between the EU and the U.K. does not mean that U.K.-based firms are getting financial services equivalence. Equivalence permits U.K.-based firms to sell strategies and services to European Union-based clients. In its absence, Mr. Ng warned that any firms selling financial products to EU investors will be breaking the law unless they have secured licenses to operate in their clients member states.