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Live UK and the EU Committee

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It is different in different countries. I think one of the

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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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