Asset managers have been warned to "prepare for the worst" in terms of access to European investors and markets post-Brexit, with the UK government's decision to suspend Parliament looking set to delay the passage of vital financial services legislation.
While Parliament has "onshored" aspects of European financial services legislation in order to prevent major disruption to UK firms after Brexit, the amended Financial Services Act (aFSA) has not yet been Owen Lysak, partner at law firm Clifford Chance, said financial services clients contacted the firm due to fears regarding the impact of Parliament's prorogation, and he had told them to "prepare for the worst and all [their] planning needs to be on that basis". He explained the suspension has had "a big impact on the parliamentary timetable" and there are a number of acts going thro...
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