The UK’s transition from legally withdrawing from the EU to leaving the union’s single market will come to an end at midnight on December 31 with no successor trade agreement yet in place.

For the UK’s financial sector, which accounts for 7% of the country’s economy and a million of its jobs, whether there is such an agreement and what shape it takes really matters.

In Brexit and Financial Regulation (Oxford University Press, 2020), co-editors Jonathan Herbst and Simon Lovegrove have corralled 26 lawyers from 12 leading firms and chambers to explain why.

Between them, they cover the history of the withdrawal process, the likely impact of Brexit on regulations of everything from how bankers are rewarded for success to how insolvent banks are wound up, and what could happen next in the negotiations.

Jonathan Herbst is Global Head of Financial Services Regulation at law firm Norton Rose Fulbright.

Tim Gwynn Jones is an economic and political-risk analyst at Medley Global Advisors.

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