Featured Events
Through the BABC, members have the opportunity to develop valuable business contacts within the British American community and to exchange ideas and information with a cross section of business, trade and governmental interests.
Club Level Highlight
Brexit: Forging the New U.K. – U.S. Relationship – Faegre Drinker Biddle & Reath
The United Kingdom (U.K.) left the European Union (EU) on 31 January 2020. Under the U.K.- EU withdrawal agreement, a transition period will end on 31 December 2020 (unless it is extended). During the transition period the U.K. will continue to participate in the single market and customs union and will otherwise be treated as if it were still an EU member state. For its part, the United States (U.S.) has shown strong interest in strengthening ties with the U.K on trade and a host of related regulatory and national security issues, many of which have strong bipartisan support in the U.S. Congress. As a result, a possible U.S.-U.K. trade agreement is likely to be a priority for the U.S. regardless of the outcome of the upcoming November 2020 presidential election.
For the U.K. Government, the end of the transition period is politically symbolic, and it has been reluctant to extend it. Although the negotiations between the EU and U.K. are continuing remotely, the coronavirus pandemic has significantly increased uncertainties. The economic impact of the shutdown of the U.K. economy in order to fight the coronavirus could be substantial and could potentially change the U.K. Government’s stated position and political calculations going forward. If the deadline were not extended and the U.K. were to reach the end of the transition period with no trade deal, the relationship would revert to World Trade Organisation rules. U.K. businesses would then be required to deal with the double shock of the coronavirus shutdown, as well as a complete overhaul to the terms in which they operate. The EU is facing challenges as well, since fighting the coronavirus pandemic is testing its resources and the cohesion between Member States.
Recent News
Member Feature: Stonehage Fleming Law
Stonehage Fleming is one of the world’s leading independently owned family offices with a history dating back to 1873. The Group provides a range of services from long-term strategic planning and investments to day-to-day advice and administration to leading families and wealth creators as well as charitable endowments. Stonehage Fleming has a head office in Jersey, Channel Islands and a significant presence in London. Stonehage Fleming was formed in 2014 when Fleming Family & Partners, the family office run by relatives of banking pioneer Robert Fleming and James Bond creator Ian Fleming, merged with Stonehage, an international family office with its roots in South Africa. Today, the Company employs more than 500 people across 11 offices in eight countries throughout North America, Europe, the Middle East and Africa. Stonehage Fleming’s services have always been developed in response to client needs. The Company has two clear objectives: the protection of family wealth and the management of family assets. A rapidly evolving world offers huge opportunities for today’s wealth creators, but it also poses significant challenges: economic uncertainty, increasing taxation and regulation, erosion of the right to privacy and public pressure to contribute more to society. In this environment, never has there been a greater need to protect wealth and manage family succession to ensure a lasting legacy. Stonehage Fleming Law US LLC, a Corporate Member of the BABCPHL, focuses on International and United States Tax Planning and Compliance, and Trust and Estate Planning and Administration legal matters.
