The Wall Street Journal
The Wall Street Journal CFO Journal
| Executives Brace for Post-Brexit Changes
Finance chiefs and other executives are tracking a multitude of changes associated with Britain’s exit from the European Union. There won’t be much of an immediate impact on Friday, the scheduled departure day. An 11-month transition period, during which many existing rules and regulations continue to apply, is expected to give CFOs a chance to prepare for the end of the changeover.
Until then, finance executives can expect changes to banking regulation. Brexit brings significant changes to banking regulation. The so-called passporting regime which allowed U.K.-based financial institutions to offer their services on the continent won’t apply after Brexit, according to Denzil Davidson, head of the financial services practice at advisory firm Global Counsel.