Worldwide:
The Ideal US-UK Free Trade Agreement
24 September 2018
Shearman & Sterling LLP
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Partner Barnabas Reynolds (London-Financial Institutions
Advisory & Financial Regulatory) was a speaker and panelist at
the launch in London of a paper entitled "The Ideal US-UK Free
Trade Agreement," which he co-authored. A similar launch took
place simultaneously in the Houses of Congress, Washington DC.
The paper sets out an ideal trade agreement, from a free
trader's perspective, between the United States and the United
Kingdom. Barney authored the chapter of the agreement on financial
services, as well as related commentary. This sets out a proposal
for the unfettered provision of wholesale investment business
across the Atlantic, based on the U.K.'s existing
"overseas persons exclusion," and also the provision of
financial services more generally under home state regulation based
on "enhanced equivalence," mirroring the U.K.'s
proposal to the EU in financial services. The provision of
services, and product sales, would be on a caveat emptor basis, and
customers in each market would be protected by the court system,
the financial regulations and the financial supervisors of the
provider's jurisdiction. Given that both countries' systems
are top end and robust, this should be easily achievable.
Read the paper.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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