Brexit and the New Era in the Law of International Finance
By Gordon F. Peery*
International developments remind us that we are practicing law in arguably the most dynamic and challenging period in modern history. As lawyers still digest new bodies of law arising out of the Great Recession of 2007 to 2009,1 we are now experiencing unforeseen changes in financial services law resulting from an historic referendum by the United Kingdom to leave the European Union coupled with worldwide reverberations in financial markets as well as central bank moves to prevent recessions across the Atlantic and throughout the world.
These developments do present, however, historic opportunities to reshape the financial legal landscape and business practices that cross borders. Many legal and business practices are already changing today and bodies of established law are being rejected outright by new legislative initiatives at home and abroad. This article brings these recent developments into sharper focus, reveals new opportunities presented by these developments, and concludes with a recommendation for counsel in certain practice areas that appear to be most affected by the recent international developments.
I. THE UK REFERENDUM TO LEAVE THE EU (BREXIT)