US reform bill could have impact on UK
SWEEPING changes to the US financial regulation landscape could effect the UK, argued lawyers yesterday.
While it remains unclear what kind of knock on effect the bill will have on the UK, some London lawyers were last night predicting a flood of financial bodies would move operations from New York to the City.
“US banks may shift operations to London, provided that the UK or European Union does not make the UK a worse regulatory environment than the US,” said Dewey & LeBoeuf partner Bruce Johnston.
He also said that US banks with UK subsidiaries are likely to be affected by the new bill.
“It will [affect banks with UK subsidiaries]. The effect [however] is not 100 per cent clear,” said Johnston.