There are fewer more important or pressing issues for the financial services industry in Europe than Brexit. To inform investment professionals about Brexit and the issues at stake for the investment management industry, CFA Institute recently published Brexit: What It Means for Investment Management. This guide for investment professionals explores the political and regulatory context surrounding the UK leaving the EU and considers the implications for the investment management industry.
Current Status of Brexit
On 19 June — almost one year since the UK referendum on EU membership — David Davis, the UK’s Brexit secretary, met with Michel Barnier, the EU’s chief Brexit negotiator, to begin formal negotiations regarding the UK’s departure from the EU. In the Brexit guide, you can find a listing of the key political figures involved in the negotiations.
As expected, the first phase of the negotiations will focus on settling Britain’s financial obligations to the EU and the rights of EU and British citizens residing in each other’s jurisdictions. After this first phase is completed, which is expected by December 2017, the negotiations will move on to discuss the complex issues of trade and Britain’s future relationship with the EU. Again, the Brexit guide offers possible scenarios for the way forward.
Role of CFA Institute
In this video, Gary Baker, CFA, managing director for EMEA at CFA Institute, highlights the key findings in our Brexit guide and explains the role of CFA Institute in the debate.
With the negotiations underway, CFA Institute is going to be closely monitoring developments from our offices in London and Brussels. It is vital that the legal and regulatory consequences of Brexit do not hurt the ability of investment firms to serve the best interests of clients. Irrespective of politics, upholding the interests of investors needs to be a core objective for the negotiations surrounding financial services.
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