Brexit would not occur immediately but the uncertainty it could cause has already begun to bite.
Crucially, polls are indicating that the outcome is finely balanced. The UK is the epicentre of the decision but Brexit could have ramifications for business globally. The IMF has said it could cause "severe regional and global damage".
Much remains "to be agreed" but it is clear that the financial institutions sector globally could be significantly affected by Brexit. U.S. Financial Institutions with operations in the UK and in the rest of the EU (rEU) could face particular challenges.
If the vote is "Leave", the post-Brexit regulatory landscape will depend on the replacement arrangements negotiated between the UK and rEU. Will the "passporting" regime be preserved? Could the "third country" regime offer a viable alternative? How would it affect the Capital Markets Union agenda?
Whatever the referendum outcome, the operating environment in the EU is changing. By acting now to understand what is on the horizon, US Financial Institutions can optimise opportunities and protect business priorities.
Hogan Lovells is convening our global financial institutions experts to give a range of international perspectives. Expertly chaired by Edward Price, Americas Editor of International Finance Law Review, they will give their insights on what US Financial Institutions need to know about Brexit and steps to be taking now.