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Sixth Annual New Jersey Networking Event

On Thursday, March 2, 2017, the British American Business Council of Greater Philadelphia hosted the sixth annual New Jersey networking event and dinner at The British Chip Shop in Haddonfield, New Jersey. More than 40 BABC members and friends occupied the restaurant for a fun-filled pub night.  Chip Shop proprietors offered attendees a superb selection of specialty beers and a wonderful meal including delicious appetizers, and a decadent dessert.  Adding to the enjoyment of the evening, Philadelphia Union presented each attendee with two complimentary tickets to the season opener on March 11th –Toronto FC vs. Philadelphia Union – in addition to raffling off a few branded items.

Howard Silverstone, immediate prior President and current Programs & Events Chairman welcomed guests and provided a brief introduction about the organization. Howard discussed the important relationship the State of New Jersey has with the United Kingdom, and kept attendees laughing at his clever jokes and witty comments. Howard explained while this program is more social in nature, the BABC offers approximately one event per month throughout the tristate area, including educational seminars and business roundtable discussions with leading industry experts and government officials.  Howard appealed to non-members, suggesting they speak with Jane Rosenberg, BABC Executive Director, or board members Richard Chibbaro, Patrick Riley, or himself about joining.

Before thanking the British Chip Shop for hosting the dinner, and prior to introducing D&H Global Tax Group, the lead event sponsor, Howard spoke briefly about his Firm, Forensic Resolutions. Forensic Resolutions, supporting sponsor, is a forensic and investigative accounting firm, providing solutions to complex business problems and insurance claims.  The Firm has extensive experience in the fields of economic damages, fraud investigations, and claims assessment, among other areas of service.  Howard, Founding Partner of the Firm, has served on the BABC Board of Directors for more than two decades.

Lead sponsor, D&H Global Tax Group is a BABC Corporate Member with offices in Pitman, NJ and London and Philadelphia. The Firm specializes in international US tax advice, compliance services, and structuring.  Leon Dutkiewicz, Partner, D&H Global Tax Group spoke briefly on behalf of the Firm, discussing the Firm’s global work and recent move into Center City Philadelphia.  Leon is a certified public accountant specializing in all aspects of international business and tax planning for businesses with operations in multiple countries and US citizens who reside abroad.

Following sponsor remarks, winning business cards were drawn for Philadelphia Union branded items. Attendees were then invited to sit and enjoy dinner.  Guests remained long into the evening, continuing to mingle and enjoy the atmosphere.

We extend special thanks to lead event sponsor, D&H Global Tax Group; supporting sponsor, Forensic Resolutions; and door prize and raffle gift sponsor, Philadelphia Union.

Photos from event available here.


Charting the Future Now: European Economic Growth and its Importance to American Prosperity

European Economic Growth & Its Importance to American Prosperity

On Tuesday, March 21, 2017 the British American Business Council of Greater Philadelphia partnered with the German, French, Italian and Swedish Chambers of Commerce for a presentation about European economic growth and its importance to American prosperity. More than 40 individuals from the various international groups attended the informative session held at Montgomery McCracken Walker & Rhoads LLP.  Dr. Andrea Montanino, Director, Global Business & Economics and C. Boyden Gray Fellow on Global Finance and Growth for the Atlantic Council spoke in great detail about the European economy and its relationship to the United States.

Dr. Montanino leads the Atlantic Council’s work on global trade, growth, and finance. He formerly acted as executive director of the International Monetary Fund (IMF), representing the governments of Italy, Albania, Greece, Malta, Portugal, and San Marino. Before joining the IMF, he was a career officer in the Italian Ministry of Finance from 2006 to 2012. He also previously spent four years (2001-05) at the European Commission in the Directorate General for Economic and Financial Affairs.

Dr. Montanino’s discussion with the European Chambers of Commerce in Philadelphia focused on the importance of restoring European economic growth, safeguarding the European project, and reinvigorating the transatlantic alliance. Dr. Montanino presented European and American expert analysis of the challenges facing Europe and how to address them in the short, medium, and long term.  The Atlantic Council’s Global Business & Economics Program Charting the Future Now publication examines his speaking points in great detail.  Click here to access the complete report.

In a nutshell, Europe and the United States need each another. The geopolitical changes occurring throughout the world must engage both regions to focus not only on short term trade agreements and the economic implications of such negotiations, but must plan for the longer term.  Issues such as Brexit, immigration, energy, etc. are impacting the economic changes we are feeling throughout the globe.  London is the economic hub of European finance, and the UK, EU, and US have been and will continue to be strong partners if we focus on the future, and long term planning is the ultimate goal.

The British American Business Council thanks the German Chamber for inviting us to participate in this timely lunch discussion. We look forward to hosting Dr. Montanino back to the region in the early Autumn of 2017 to provide an update on Brexit and the economic relationship between Europe and the United States.  We hope you will join us for this program.  More information to follow shortly.

Click here to view photos.


2017 Philadelphia Classical Guitar Festival Opening Concert: David Russell

When: Saturday, April 08, 2017 at 7:30 PM

Mandell Theatre, Drexel University, Philadelphia, PA

The Philadelphia Classical Guitar Society presents the 2017 Philadelphia Classical Guitar Festival Opening Concert featuring David Russell.

David Russell is a Grammy award winner in 2005 for his CD AIRE LATINO, in the category of best instrumental soloist in classical music.  He has an honorary Doctorate in Music by the University of Arizona in Tucson in 2014, and is a  world renowned for his superb musicianship and inspired artistry, having earned the highest praise from audiences and critics alike. In recognition of his great talent and his international career, he was named a Fellow of The Royal Academy of Music in London in 1997.

For more information, please click here.


BABC B2B

BABC B2B

The BABC of Greater Philadelphia serves the tristate region – Southeastern Pennsylvania, Southern New Jersey and the State of Delaware. There are 22 BABC chapters throughout the world, with more than 2,000 members.  Our mission is to “connect the dots” – facilitate introductions between executives to assist in building valuable business ties.  On Tuesday, February 14, 2017 the BABC collaborated with corporate member Almac Group to bring club level member American Airlines’ cargo team executives for a presentation and private tour of Almac’s US headquarters state of the art facility in Souderton, PA.

The Almac Group is a privately held contract development and manufacturing organization that provides an extensive range of integrated services globally to companies within the pharmaceutical and biotech sectors. Almac’s global headquarters are based in Craigavon, Northern Ireland and has additional operations throughout the UK, Ireland, across the US (Pennsylvania, North Carolina and California) and Asia (Singapore and Tokyo). The organization has been established for almost 50 years and is currently celebrating its twentieth anniversary in Pennsylvania now employing approximately 1,200 people in the State and almost 5,000 worldwide.

Mark Weir, Almac’s US Group Financial Controller has been actively involved with the BABC since he assumed the role with the Company more than five years ago. Jane Rosenberg, Executive Director of the BABC worked with Mark to execute this informative meeting and tour.  Mark provided a comprehensive overview of Almac’s history, presence throughout the world, and US operation.  His presentation laid the framework for the tour of the physical plant.  George Tiger, Vice President, Global Business Development, Almac’s Clinical Technologies Business Unit talked about the Company’s most recent launch (late January) of the Next Generation Temperature Management software – TempEZ™.  This product offers unrivalled end-to-end drug product visibility, blazing a trail for innovation in this industry.

Almac delivers the most comprehensive range of integrated drug development services available to the pharmaceutical and biopharmaceutical industry. Services range from R&D, companion diagnostics, biomarker discovery and development, API manufacture, formulation development, clinical trial supply, IRT through to commercial-scale manufacture.  Sir Allen McClay (Allen, as he preferred to be called) founded his first company, Galen Ltd, in 1968.  Galen floated on the stock market in 1997 and subsequently became Northern Ireland’s first £1 billion company. However, around the year 2000 the direction of the company changed and took a different path to Allen’s vision. Allen realized his substantial shareholding and formed, with his personal wealth, the organization we now known as Almac.  As part of Allen’s generosity he established the McClay Foundation as a charitable institution.  The Foundation has already surpassed donating more than £20 million to enhance the research capabilities at the Queen’s University Belfast.  Allen typically referred to the organization he built as the “Almac family.”  Despite operating across the Atlantic Ocean from the parent company, the Almac executives we met attested to the greatest tribute that Almac, as a company, will pay to Allen continuing with his passion and delivering on his vision: “To be the leader in the generation of superior solutions for the advancement of human health.”

Mark Rohlfing, Vice President of Operations, Almac Clinical Services spent a couple of hours guiding us through the facility, demonstrating product lifecycle from laboratory testing, through to packaging and shipping, to the end user. Our visit, starting in the Boardroom and ending in the storage/shipping division, literally walked us through product development.  The beautiful campus, employing more than 1,000 people is just a few years old.  Each time we crossed paths with an Almac employee, across various levels and business units, they were just as kind looking, happy and cheerful as the Irish countryside canvases lining the walls.  The bright, new, modern buildings make effective use of all space and give it a European feel right here at home in Pennsylvania.  The BABC is honored to work with companies like Almac and American Airlines with operations spanning the globe.  It is our job to facilitate meetings that enable our members to create worthwhile connections to enhance business.

Click here for photos.


BREAKING NEWS

BRITISH PRIME MINISTER THERESA MAY TO VISIT UNITED STATES TO MEET PRESIDENT TRUMP AND ADDRESS REPUBLICANS IN PHILADELPHIA ON THURSDAY, JANUARY 26, 2017

CBS Local- “British Prime Minister To Visit Philadelphia”

 

Philadelphia Inquirer

 

The Telegraph – “Theresa May and Donald Trump To Hold Talks On Trade Deal”

CNN – “Theresa May To Visit Trump In Washington”

ABC- “Trump To Discuss His Agenda In Center City Today”

 

Embassy Press Release

23 January 2017

PM TO VISIT UNITED STATES TO MEET PRESIDENT TRUMP AND ADDRESS REPUBLICANS

The Prime Minister is expected to be the first world leader to hold face to face talks with President Trump when she visits the United States later this week.

President Trump has invited the Prime Minister for talks in the Oval Office on Friday. This will primarily be an opportunity to get to know one another and to establish the basis for a productive working relationship. The leaders are expected to discuss a number of the most pressing global issues, notably tackling terrorism, Syria, relations with Russia and cooperation in NATO.

The Prime Minister and President will also discuss how we can deepen our already huge economic and commercial relationship to the benefit of both of our countries, including our shared ambition to sign a UK-US trade deal once the UK has left the EU. Trade between both countries is already worth over £150bn, and the US is the single biggest source of inward investment to the UK.

As a result of the efforts the UK Government has made to establish strong links with the new administration, the Prime Minister has also been invited to become the first serving head of state or government outside the US to address the annual congressional Republican retreat, when it gathers for its 30th anniversary in Philadelphia on Thursday.

The Prime Minister is set to address Republicans from both the House of Representatives and Senate who are gathering in Philadelphia to discuss their priorities for the coming year. It will provide a platform for the PM to set out how we want to advance the special relationship in the coming years and work together on a number of shared challenges.

 

 

 

 


2016 Annual Holiday Luncheon

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On Thursday, December 8, 2016, the British American Business Council (BABC) of Greater Philadelphia concluded a year-long celebration of a quarter century of operations in the region. The program featured the Honorable Jim Kenney, Mayor of Philadelphia and Antonia Romeo, Her Majesty’s Consul General in New York & Director- General of Economic and Commercial Affairs USA.  More than 180 international executives and leading UK and regional government officials participated.  The buzz in the room reiterated the value this important event offers the international business community – the opportunity to create valuable relationships and learn current information about pressing global issues before the end of the calendar year.  And of all years, 2016 certainly had its share of historic moments.

Rhett Workman, BABC Chairman opened the meeting with formal remarks. He welcomed attendees and our keynote speakers.  “It has been a great 25th anniversary year for the BABC.  We maintain our position as one of the foremost international business chambers of commerce in the region, and we are poised to build upon and strengthen the vital relationship between the US and the UK.”  Rhett provided a brief history lesson underscoring the special relationship binding our two countries.  “A century of shared experience, and more importantly, shared confidence in our partnership will be even more critical to both countries in 2017 and beyond.” 

Mayor Kenney was eager to take the stage. He congratulated the BABC for 25 years of meaningful work.   His candid remarks about meeting Her Majesty’s Consul General for the first time emphasized the ties between the two regions.  He was honored to welcome Antonia to the region for her first official visit.  Impressed with her intelligence and ability to “get it all done,” Mayor Kenney did not waste time before introducing her Majesty’s Consul General. 

Antonia discussed doing business on both sides of the Atlantic, and the role the City of Brotherly Love plays in supporting the trade relationship. Of all 50 states, Pennsylvania is the largest trading partner with the UK; more than 1,500 UK-based companies employ more than 53,000 jobs across the Commonwealth.  The US and the UK are each other’s largest investors.  Together they have approximately $1 trillion invested in each other’s economies. 

Antonia thanked Honorary Consul, Oliver Franklin for his service to the Crown, and talked about the historic and trade ties between the countries. While both the UK and the US are currently undergoing change, and are facing obstacles, she confirmed Brexit will not be a hasty process.  “This is a new chapter for Britain, of course, and there will be opportunities and challenges ahead,” she said.  “When the UK leaves the European Union, it will be an agreement between an independent, sovereign UK and the EU.  We want that relationship to reflect the kind of mature, cooperative relationship that very close friends and strong allies enjoy.”

Mayor Kenney formally thanked Antonia and presented her with the ultimate gift of friendship – a bronze replica of the Liberty Bell.

Special thanks to BABC Holiday Lunch headline sponsors, without whom this program would not have taken place: Dennis DiMarco, Global Account Manager, Corporate Sales, Virgin Atlantic Airways; Nick Lotz, Head of Northeast US Large Corporate Banking, HSBC Bank USA, N.A.; Jason Gosselin, Partner, Drinker Biddle & Reath LLP; and Rebecca Lewis, Department for International Trade.

Holiday time is about giving, and the BABC is proud to be involved with the local community. A portion of proceeds from this annual event will be donated to the Bicentennial Bell restoration project.  The Bicentennial Bell was a gift from Queen Elizabeth to the American people to commemorate the 200th anniversary of American Independence.  From 1976 until 2013, the Bell was housed in a tower outside the Visitor’s Center on 3rd Street. The Bicentennial Bell Project is currently raising funds to transform the open air National Historical Park space that will bring the Bicentennial Bell back to the public.  The new park will function as an outdoor classroom for school groups to show the world that two great nations that started in strife and war can become partners and allies.

Lastly, it would not be a BABC holiday event without the Christmas crackers, paper crowns, and gift giving tradition. Our program concluded with more than 25 raffle prizes given to lucky business card draw winners from local retailers, restaurants, hotels and sports teams, including of a pair of two round-trip, positive-space Premium Economy tickets on VIRGIN ATLANTIC AIRWAYS’ award-winning, non-stop service from any US gateway to London, England. 

It has been a significant year for the BABC, and for the world. Uncertainties as well as opportunities for our future are on the horizon.  As Antonia so clearly stated, there will be adjustment, but we are starting from a position of strength and our futures are bright.  Best wishes for a happy, healthy and prosperous holiday season.  We are thankful for your support and look forward to seeing you in the New Year.

PHOTOS

PRESS


New Jersey Networking Event & Dinner

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Stay tuned for recap.

 

 

 

 

 


Brexit & US Election – Her Majesty’s Consul General Makes 1st Official Trip to Philadelphia

FOR IMMEDIATE RELEASE

Brexit & US Election – Her Majesty’s Consul General Makes 1st Official Trip to Philadelphia

The Honorable Jim Kenney, Mayor of Philadelphia will salute the British American Business Council (BABC) of Greater Philadelphia for our 25th anniversary and introduce Her Majesty’s Consul General in New York & Director- General of Economic and Commercial Affairs USA, Antonia Romeo, who will discuss current economic and political developments affecting business on both sides of the Atlantic.  The BABC is one of the foremost international business chambers of commerce in the region, and is poised to build upon and strengthen the important relationship between the US and the UK.  It has been a momentous year for the BABC, and for the world.  Uncertainties as well as opportunities for our future are on the horizon.  Military, political, commercial and cultural ties bind our two countries today and throughout history.  Our region’s relationship with the UK is stronger than ever, and our partnership will be even more critical to both countries in 2017 and beyond.  This very special BABC signature annual program offers the international business community the opportunity to create valuable relationships and learn current information about pressing global issues from leading UK and regional government officials before the end of the calendar year.  Headline sponsors include: Drinker Biddle & Reath LLP; HSBC Bank USA, N.A.; Virgin Atlantic Airways; and The Department for International Trade.

DATE: Thursday, December 8, 2016
TIME: 11 a.m. – 12 p.m. Registration & Networking; 12 – 2 p.m. Luncheon Program
LOCATION: The Ritz-Carlton, Ten Avenue of the Arts, Philadelphia, PA 19102
LINK TO MORE INFO: http://www.babcphiladelphia.com/2016/07/babc-annual-holiday-luncheon-2/

 

About the BABC of Greater Philadelphia

The BABC of Greater Philadelphia promotes the trade and investment relationship between the United Kingdom and Southeastern Pennsylvania, Southern New Jersey and Delaware. 

The United States of America and the United Kingdom are each other’s largest investors; together we have approximately $1 trillion invested in each other’s economies. 

The BABC is part of the largest transatlantic business network, with 22 chapters and more than 2,000 member companies based in major business centers throughout North America and the United Kingdom.  Members include many of the world’s largest multinationals as well as thousands of middle market and privately held entities across industry sectors. 

The BABC offers value-add programs and events; shares timely thought leadership and government publications; and provides important business development opportunities.

The BABC of Greater Philadelphia is an affiliate of the Chamber of Commerce for Greater Philadelphia.  The local Chapter’s constituency includes a cross section of industry groups and more than 250 members.  www.babcphiladelphia.com

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CYBERSECURITY Trends & Initiatives – Once More unto the Breach

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CYBERSECURITY Trends & Initiatives – Once More unto the Breach

On Thursday, October 6, 2016, the BABC hosted a top of mind business seminar about cybersecurity. Howard Silverstone, Director, Forensic Resolutions, Inc., and prior BABC President and current Programs & Events Chairman provided opening remarks and a general overview of the topic.  Howard mentioned how easily fraud can be committed and how devastating it can be to both an individual and a business.  Just saying the word elicits concern.  Technology is in our hands, at our fingertips, all of the time.  It is both a blessing and a curse.  With just the touch of a button, business transactions are conducted and highly confidential information is shared instantaneously across the globe.  The world is both smaller and scarier than ever.  Panel experts: Michael Ebert, Partner, KPMG LLP; Matt Siegel, Member, Cozen O’Connor; and Andy Williams, Cyber Envoy, Department for International Trade, were guided through the dynamic discussion by the moderator.  Areas of focus covered by each presenter included: current pressing cybersecurity issues affecting the US and the UK; recent regulations especially how things will be changing rapidly re. Brexit; what you need to know and do to safeguard your company; what you can expect from government regulations in both the short and long term; Cybersecurity Information Sharing Act; and the European Commission on Cybersecurity.

Matt Siegel, Member, Cozen O’Connor, discussed emerging cyber risks and exposures. He talked about different kinds of risks and where they come from.  Matt explained cybersecurity affects all lines of business and the motivations for hackers vary widely.  The implications for a hacked company can be hard to predict.  Increasing employee mobility leads to increasing risks of data loss.  There is also the growing threat of foreign state actors.  American companies face an increasing risk of being hacked by foreign state actors to gain a competitive advantage in business.  Such hacks also have the potential to expose personal information of customers and employees, making them responsible for notification costs and susceptible to class action litigation.  Matt covered relevant state/federal legislation, breach notification statutes, and state AG involvement.  He warned companies need to keep abreast of FTC investigations, and hope that a baseline standard of care can be established.  There is also HIPAA for health care providers and business associates, and the NIST guidelines that apply to critical infrastructure.  It is very important for companies to remain aware of emerging trends in breach litigation, and standing in data breach cases.  Courts have reached different conclusions on whether simply being a victim to a data breach is sufficient to confer standing.

Michael Ebert, Partner, KPMG LLP explained that the value of the information at our fingertips has created the increase in threats. Michael talked about national states intelligence; intellectual property theft – it’s cheaper to steal than to develop; monetary reward (resell of information); SSN; insurance numbers; credit card information; addresses; other PII; and monetary reward (payment to regain control of compromised systems – ransomware).  He explained investments in cyber defense fall short; they are focused on technology not governance, people and process.  The skilled workforce also falls short.  However, on the bright side, the education system is catching up, awareness is broadening, and regulatory oversight is increasing.  Michael talked about the convergence on ISO in the EU and NIST standards in the US.  Laws are increasing but fragmented, and enforcement penalties are also rising.  There is a new wave of global corrective action agreements, and executive officers are being held accountable.

Andy Williams, Cyber Envoy, Department for International Trade, provided an overview of the current key cybersecurity developments in the UK. His discussion covered how the government is addressing the national cyber threat, and the imminent launch of the new UK National Cyber Security Centre (NCSC).  Andy talked about why the UK is establishing the NCSC; what the government is doing to support UK individuals and organizations with various new cyber initiatives and regulations; and what the UK government is doing with respect to US/UK government cooperation.  Click here for UK Government information about the Cyber Essentials program and all related documents.

The discussion was truly interactive. Attendees did not need encouragement to ask questions.  People began to interact with the panelists before their presentations had even officially concluded.  Cybersecurity is undoubtedly a global top of mind issue affecting individuals, companies of all sizes, and every industry sector throughout the world – no one is exempt.  Cybersecurity must be at the forefront of business practices as modern technology continues to evolve and develop.

Special thanks to our sponsors: Cozen O’Connor, The Department for International Trade, Forensic Resolutions Inc., and KPMG LLP.

Click here to view pictures from the event.


Brexit: Bridging the Gap

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Brexit: Bridging the Gap

On Thursday, June 23, 2016, the British voted for the United Kingdom to leave the European Union. This is unchartered territory.   The world reacted with immediate shock and affected markets.  It will take time for the real effects of the British exit (“Brexit”) from the European Union to be felt, and plans will be carefully developed.  On Thursday, September 15, 2016 the BABC of Greater Philadelphia collaborated with Morgan, Lewis & Bockius LLP, which hosted the region’s first seminar to educate and guide companies through these momentous times.  Leading experts discussed likely business adjustments, as well as the new opportunities Brexit may provide.  Presenters focused on corporate reactions; contingency plans; the rapidly changing global landscape; and talent management reorganization.  Michael Pedrick, Partner Morgan Lewis & Bockius LLP, Philadelphia Office and Vice President, BABC welcomed everyone to the Firm and provided opening remarks.  Michael spoke briefly about the BABC and introduced the speakers and the moderator.

Jonathan Doh, Herbert G. Rammrath Endowed Chair in International Business, Faculty Director, Center for Global Leadership, Professor of Management and Operations, and Editor-in-Chief, Journal of World Business, from Villanova University School of Business seamlessly moderated the panel. Jonathan provided a brief record of the UK’s history with the EU, an overview of the issues that would be covered during the seminar, and posed probing questions for each speaker to address.  Topics included the British government position; steps that are being taken; strategic direction from a financial point of view; broad legal implications; and employment and data protection/privacy laws.

Ross Allen, Director Trade & Investment, USA and Deputy Consul General, New York Department for International Trade discussed the British government position and current facts as of September 15, 2016. To kick things off, Ross was asked about timing. When will the UK leave the EU?   Ross explained the new Prime Minister, Theresa May will not enact Article 50 this year.  Once Article 50 is triggered the UK will have two years to complete the exit.  He discussed the Transatlantic Trade & Investment Partnership (TTIP) which is a concurrent, ongoing trade pact being negotiated.  The UK supports TTIP and all trade with other countries.  The UK is traditionally a strong supporter of trade and that will continue and grow. Ross confirmed the overall mood regarding foreign investment in the UK is as strong as it was pre-Brexit vote.  The language, culture, time zone, talent, creativity, and stable legal environment position the UK as an excellent place to do business.  There is an overall sense of confidence from investors, corporate tax rates are low and the tax position stable, and the UK is an innovative place to conduct business.  When asked to forecast what things will look like five years from now, Ross explained the government will still be very focused on maintaining the UK as an attractive location for foreign direct investment.  With respect to the US, the UK will look to agree a comprehensive free trade agreement to go alongside the deep defense, security and intelligence sharing between the two countries.

John Stadtler, PricewaterhouseCoopers Leader of the United States Financial Services Practice focused on the financial services industry – strategic direction, response to regulators, business continuity plans, and the impact on taxes, tariffs, mergers & acquisitions, treasury, and the labor force, (“passporting” between UK and the EU). John, recently returned from the UK, noted the overall sentiment is one of both uncertainty and opportunity.  He noted the competitive landscape may be swinging in the UK’s favor.  There is a gravitational shift from the City of London to other parts of the country.  London and New York City continue to remain the focus of the financial services industry market but technology is playing a big role in expanding the geography.  John explained many insurance companies, banks and asset managers have UK domiciled headquarters and use the UK as the entry point to the rest of Europe.  All companies, big and small should look at their current footprint and evaluate what contingency plans need to be put into place and what changes need to be anticipated and made.  Talent is the area most companies are concerned about at all levels of the workforce.  John believes the post Brexit merger & acquisition environment might be easier and more straightforward.

Matthew Howse, Partner, Morgan, Lewis & Bockius LLP covered the broad legal implications of Brexit, the UK’s influence and involvement in EU law; international affairs; employment law; cross border employment; restructuring; implications of Brexit; and immigration consequences. He also focused on data privacy and protection.  Matt mentioned in some cases Brexit is being used as an excuse to make people redundant.  He has confidence in London as a financial center.  The region is excited at the prospect of eliminating some of the current EU regulations, such as the banker bonus cap.  The current mood seems positive at the moment.  Big companies will be less impacted than smaller entities.  Immigration and innovation are at the epicenter of much of the Brexit debate. London has always been a mecca for talent at all levels from around the world, and is the leading “fintech” global center.  The industry is growing exponentially in the UK.  Perhaps the biggest concern for governments and companies is data protection and privacy.  The UK is viewed as the “voice of reason” within the EU.  The Safe Harbor Agreement/privacy shield is the brand new European Law, data protection regulation in the EU and will apply to the UK until Brexit is completed.  At that time the UK will need to adopt its own data protection laws.  Brexit will enable the UK to become a greater trading partner with other parts of the world.

After the moderator led each panelist through a series of questions regarding their areas of expertise, we heard from attendees. Executives from a myriad of business sectors, including but not limited to: insurance, banking, food service, relocation providers, book publishing, manufacturing, financial service providers, etc. asked questions.  One thing is clear, the current state is uncertain but there is less cause for alarm than might have seemed the case immediately after the vote.  Businesses should proceed with caution and optimism, evaluate current business plans and strategize for the future.  There are still many reasons for transatlantic trade and investment to flourish.  Technology, innovation and immigration are major factors in the post-Brexit world.  Things will continue to evolve and change during the coming months and years.  This is an area to be closely watched and observed as developments are put into place.

Special thanks to our sponsors: The Department for International Trade, Morgan, Lewis & Bockius LLP, and PricewaterhouseCoopers LLP.

To view pictures from the event click here.

BABC Navigating Brexit

Morgan Lewis Brexit Publication

Click here to view article from Philly.com

Click here to view article from CBS Local.

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The BABCGP recognizes our Club Level Members:

  • American Airlines
  • Bartlett
  • Cigna
  • Deloitte
  • Drinker Biddle & Reath LLP
  • Duane Morris
  • Ernst & Young
  • HSBC
  • KPMG
  • McConnell Johnson Real Estate
  • Morgan Lewis
  • Law Firm of Pepper Hamilton
  • PriceWaterhouseCoopers
  • TD Bank
  • United Airlines
  • Virgin Atlantic