McDermott Comment I City Warned EU will do London No Favors on Financial Services


Hamid Yunis, partner at law firm McDermott Will & Emery, said:

“As a global professional services organization and for us in particular, based in London, we have to be flexible, adapt and be ready to deal with Brexit and its effect (potential or otherwise) on our clients and our own business of course.”

Arvin Abraham, attorney at law firm McDermott Will & Emery, added:

“Brexit may present an opportunity for the UK to accelerate the pace in attracting new entrants into the fin-tech ecosystem by leveraging its leading positions as (still) both Europe’s main financial centre and hub for start-up companies. However, this opportunity also comes with some risks particularly when it comes to considering the extent of any possible deregulation. A delicate balance is required, as creating an uneven market place by having too much deregulation will upset the UK’s neighbours on the continent who also seek to grow in this area and will push back on any efforts by the UK to leverage its new found regulatory freedom.”