Passporting rights have played a big part in how the London Insurance Market operates today. If they end up being removed as part of Brexit, what does that mean for the future of the Market?
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chief executive of Hermes Investment Management, Saker Nusseibeh, said that in order to maintain passporting rights, London will have to be prepared to obey Brussels regulations without the UK having an input into deciding them. He warned that business may move out of the City to continental Europe if Brussels is unwilling to accept this arrangement.
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