How could the 'third country regime' potentially work for UK asset managers post-Brexit?

Simon Currie, private investment funds partner at global law firm Morgan Lewis, examines how 'third country regimes' work and the implications for asset managers if an independent UK was allowed access to the EU single market.

In the post-referendum debate, much attention in the UK and Europe has focused on access to the EU single market requiring acceptance of free movement of people and UK membership of the European Economic Area (EEA), being a means by which to preserve critical freedoms for UK financial sector firms to conduct business in and into the European Union. But this discussion overlooks an interesting aspect of recent EU legislation in certain sectors of the industry, which permits access to the single market by firms located in countries outside the EU. 'Third country regimes' are a feature o...