Live UK and the EU Committee Select Committees


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Live UK and the EU Committee

Live coverage of the Treasury select committee session on the UK's future economic relationship with the European Union with evidence from HSBC, Allianz and the LSE.


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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

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advice was robust that the route that you takes, that a reverse

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inquiry enables you to do business from the UK when an existing client

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approaches you, but those kind of conduct of business rules are quite

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fraught. Did you really speak to me, or did I hint that you should come

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and have a conversation, and so on. We would be nervous about getting

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into a situation where we did not have charity. In the investment

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management business, the reverse is quite straightforward, particular

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with UK firms dealing with the United States. There are currently

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rules that enable you to do that, there is a big difference in

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investment management between the professional client and the retail

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client. If we are talking about institutional clients, there is

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certainly a process on which you can do business on a reversal basis, but

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we stay on the side of caution. If there is any doubt that with

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hindsight if regulator might decide that they are not going to allow

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that interpretation, we are on the side of caution and avoided because

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it is an unstable framework on which to base this.

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You can continue watching this session online.

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Hello and welcome to BBC Parliament's live coverage from the

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House of Commons. In an hour, the Shadow Chancellor will ask an urgent

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Live coverage of the Treasury select committee session on the UK's future economic relationship with the European Union with evidence from HSBC, Allianz and the London Stock Exchange.