So, the UK has voted to leave the EU. Everyone has their own opinion and we’ve all seen the news reports and various viewpoints but what does this result mean for you in practical terms and where do we go from here? Orrick’s EU-UK Working Group is ready and waiting to answer any questions you may have (see contact details at the end of this alert) and in the meantime, here’s our overview of the key issues for your business. READ MORE
United Kingdom
U.S. and U.K. Officials Meet to Discuss Key Components for the Resolution of a Global Systemically Important Bank
On October 13, the heads of the Treasuries and leading financial regulatory bodies in the United States and United Kingdom participated in an exercise designed to further the understanding, communication, and cooperation between U.S. and U.K. authorities in the event of the failure and resolution of a global systemically important bank, or G-SIB. The exercise demonstrates the continued commitment of the United States and the United Kingdom since the financial crisis to promote a safer and sounder financial system by cooperating to address issues involved in the orderly resolution of large and complex financial institutions without cost to taxpayers. Release.
FCA Publishes Report on Hedge Fund Activity in the UK
On March 24, the FCA published a report which sets out its findings from a survey of hedge fund activity in the UK.
Key findings are:
- 98 percent of total leverage used by hedge funds in the UK is acquired through derivatives.
- Institutional investors are the dominant investors in hedge funds.
- The proportion of high net worth individuals investing in hedge funds has declined.
- Equity strategies are the most popular among the funds in the survey. Report.