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Brexit opens ways for less complicated financial products
Brexit will pave the way for less complicated, more standardised financial products in the European Union by eliminating the influence of the UKs common law principles, according to Richard Ambery, General Counsel for the Managing Partners Group.
Richard Ambery, General Counsel for the Managing Partners Group, says the European Commission is now free to ditch a more Anglo-Saxon legal approach and consummate a capital markets union, complete with simpler, formulaic debt products. "Europe needs a proper capital markets union without borders that will end discrimination by reference to the jurisdiction of either issuer or investor," he states. Proper CMU would mean that it is as easy for a Czech motorcycle manufacturer to issue bonds to investors in Finland as for a Portuguese software developer to launch an IPO on the Budapest Stock Exchange.
The dominance of English and New York law to govern Euromarket instruments under which terms and conditions may be tailored for each and every deal has led to a myriad of complex and often opaque financial products," says Ambery. Brexit creates the opportunity for remaining Member States to throw away the Anglo-Saxon model and instigate a codified approach to financial instruments, where instruments conforming and limited to specified categories will accord equivalent rights and obligations to businesses raising capital and those providing it across the Union.
In Ambery's view Switzerland could buy into this model as although the country is outside the European Union, it shares an affinity for standardization in business and a civil law tradition with the rest of the continent, giving it the opportunity to become a leading financial centre servicing the single market.
