Banks Must Step Up Brexit Plans To Win EU Licenses

Law360, London (April 18, 2017, 10:10 PM BST) -- Lawyers are telling their bank clients to step up legal preparations for Brexit amid growing pressure from European Union and U.K. regulators demanding detailed plans for how U.K.-based financial firms would cope with an abrupt British exit from the EU's regulatory framework.

The Bank of England last week ordered finance firms to submit their Brexit contingency plans by July 14, while the European Central Bank said it will take at least six months for firms to win an EU banking license required to passport their services around...
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