Local laws may save legacy swaps from Brexit migration

Exemptions from local authorisation may open a backdoor to servicing UK-EU contracts after Brexit

uk-parliamentary-hearing

Swaps users across the European Union, who face being unable to manage legacy trades with UK counterparties after Brexit, may have a lifeline in the form of non-solicitation exceptions – local laws that allow non-EU entities to service local clients without being authorised first, provided the client solicits the business.   

Speaking at a UK parliamentary hearing on contract continuity today (May 16), Hugh Beale, professor of law at the University of Warwick, said such exceptions, which exist

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