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Since 1999, the European Union (EU) has successively launched a number of regulatory initiatives aimed at ensuring an integration of EU financial markets and the removal of legal barriers which hindered the provision of cross-border financial services activity across Europe. As a member state of the EU, the UK substantially benefited from this signal market directive. However, the UK voted to leave the EU on 23rd June 2016. As a result, the law establishing the regulatory framework in the UK would need to change. There would possibly be a period of significant confusion as multinational financial service firms which use a London subsidiary need to decide how to restructure themselves and decide how much of their operations to transfer elsewhere in the EU. Moreover, leaving the EU gives the UK more freedom to make its financial regulations. As the recent debate between the Bank of England and the European Parliament on banker bonus cap, such freedom deepens the concerns about financial regulation arbitrage.