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BREXIT: Is the EU trying to lure jobs away from the City?

BrexitWith just over three months before the UK’s transitional membership of the European Union comes to an end, fears are rising that the country could crash out of the world’s largest trading bloc with no agreement in place on trade and market access.

In this article, first published in the September edition of Funds Europe, we take a look at how a hard Brexit could impact the European cross-border funds industry and the financial services sector more generally.

Nicolas Mackel, the chief executive of Luxembourg for Finance, a public-private body which promotes the grand duchy as a financial centre, believes that the one thing that is absolutely clear is that, even if a last minute deal is reached, financial services will not be included.

Meanwhile Owen Lysak, a funds lawyer at Clifford Chance, voices concern that the pan-European financial regulator could be about to review it policies on equivalency and delegation.

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