A New UK EU Relationship in Financial Services: A Bilateral Regulatory Partnership

Following the referendum vote to leave the EU, the UK will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market).

CMS and the Legatum Institute Special Trade Commission have produced a joint report which looks at how the new UK/EU partnership might work in the field of financial services.

Our brochure, which summarises the key findings of the report, can be downloaded here.

The full report, with annexes, is available to download here.

You can download individual chapters of the report here:

Chapter 1 - Introduction

The status quo

Chapter 2 - Financial services under WTO Rules and FTAs

Chapter 3 - Regulating cross-border financial services - general

Chapter 4 - Regulating the different modes of cross-border supply

Chapter 5 - Assessing the sufficiency of regulation in another country for dual regulation coordination

The future

Chapter 6 - A new UK-EU partnership

Chapter 7 - The timeline and legal challenges

Chapter 8 - Looking beyond the EU

Chapter 9 - Brexit outcomes without the comprehensive partnership

Chapter 10 - Evolution of the UK regulatory regime


Annex A

Annex B

Annex C

Annex D

Annex E

Annex F

Annex G

Annex H

Annex I

Annex J

Annex K

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A referendum on Britain's membership of the European Union was held on 23 June 2016. On 24 June 2016 it was announced that the UK voted to leave the EU. The earlier "UK-EU settlement" agreed in February 2016 is no longer valid following a vote to leave. The Government gave notice to the European Commission in March 2017 to 'trigger' Article 50 and begin the process.

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Future Dates

* Estimated date

  • *31 October 2019

    Exit date is:

    •  31 October 2019 if the UK holds European Elections, but UK Parliament has not ratified the WA before that date; or
    •  The 1st day of the month after ratification if UK Parliament ratifies the WA before October 2019.

  • *31 December 2020

    End of Brexit transition period