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The nature, structure and mechanics of Banking after Brexit remain unclear at this stage.

Norton Rose Fulbright note that the UK is currently subject to over 40 Level 1 (primary) EU Regulations and Directives on  financial services, which are supplemented by a significant volume of technical Level 2 (secondary) legislation, which is shaped by the European Supervisory Authorities and generally takes the form of directly applicable EU Regulations. The UK banking and financial services industry would remain bound by this EU legislation (and any EU legislation that comes into force) during any transition period.

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