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It is different in different countries. I think one of the | :16:39. | :33:54. | |
uncertainties that we would have to deal with is whether our legal | :33:55. | :34:00. | |
advice was robust that the route that you takes, that a reverse | :34:01. | :34:04. | |
inquiry enables you to do business from the UK when an existing client | :34:05. | :34:07. | |
approaches you, but those kind of conduct of business rules are quite | :34:08. | :34:13. | |
fraught. Did you really speak to me, or did I hint that you should come | :34:14. | :34:17. | |
and have a conversation, and so on. We would be nervous about getting | :34:18. | :34:21. | |
into a situation where we did not have charity. In the investment | :34:22. | :34:31. | |
management business, the reverse is quite straightforward, particular | :34:32. | :34:34. | |
with UK firms dealing with the United States. There are currently | :34:35. | :34:40. | |
rules that enable you to do that, there is a big difference in | :34:41. | :34:43. | |
investment management between the professional client and the retail | :34:44. | :34:49. | |
client. If we are talking about institutional clients, there is | :34:50. | :34:54. | |
certainly a process on which you can do business on a reversal basis, but | :34:55. | :35:00. | |
we stay on the side of caution. If there is any doubt that with | :35:01. | :35:04. | |
hindsight if regulator might decide that they are not going to allow | :35:05. | :35:08. | |
that interpretation, we are on the side of caution and avoided because | :35:09. | :35:13. | |
it is an unstable framework on which to base this. | :35:14. | :35:20. | |
You can continue watching this session online. | :35:21. | :36:31. | |
Hello and welcome to BBC Parliament's live coverage from the | :36:32. | :36:37. | |
House of Commons. In an hour, the Shadow Chancellor will ask an urgent | :36:38. | :36:38. |