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Club Level Feature: Morgan Lewis & Bockius LLP

‘BREALITY CHECK’—BREXIT UPDATEs AND THIRD COUNTRY PASSPORTING IMPLICATIONS

By: Morgan Lewis Partners Simon Currie and William Yonge

Recent April 2017 Update

On 24 January 2017, the UK Supreme Court by a majority of 8-3 found that the UK government could not decide to trigger withdrawal from the EU under the relevant Treaty without the prior approval of Parliament. In early March, the UK Parliament confirmed the result of the referendum on 23 June 2016 by voting in both Houses in favour of the European Union (Notification of Withdrawal) Bill which received the Royal Assent on 16 March. On 29 March, just over 44 years since the UK joined what was then called the European Economic Community on 1 January 1973, Prime Minister May notified the European Council in accordance with Article 50(2) of the Treaty on European Union of the UK’s intention to withdraw from the EU. The UK government’s Department for Exiting the European Union then published a White Paper entitled “Legislating for the United Kingdom’s withdrawal from the European Union” in which it published its plans to bring to Parliament a Great Repeal Bill which will repeal the European Communities Act 1972, the statute that gives effect to EU law under UK law and renders EU law supreme over UK law; that repeal will take place on the day the UK leaves the EU and the Great Repeal Bill will also convert EU law as it applies in the UK into UK domestic law to facilitate an orderly transition and confer powers on the UK Government to correct or remove the laws that would otherwise not function properly once the UK has left the EU on a case by case basis from time to time.

There are three stages of Brexit, the first being the period that occurred prior to the UK submitting notice of its intention to withdraw. Stage two began when the government gave notice to the EU of its intention to exit the EU and began the process of exiting. Stage two will be by far the most significant stage embodying the UK-EU negotiations for Brexit, which will shape UK-EU relations and Britain’s post-Brexit future for decades to come. The timetable for that process is initially set at two years, but with power to extend. Strictly in terms of EU legality, stage three is when the exit process is complete and the UK is able to “go it alone” in negotiating its post-Brexit future with the rest of the world; however, the UK is understandably reluctant to wait for the actual exit before embarking on stage three, which will last for years, so will begin stage three early (or, at least, early in the eyes of the EU) once it has given notice to quit. The reality is that, overall, although an exit from the EU will be on a two year time frame, the entire process could last five to ten years.

Any Brexit deal will encompass a wide range of workstreams covering Britain’s legal separation from the EU; a withdrawal agreement under which existing assets and liabilities will be allocated; a free trade agreement covering the UK’s future relationship with the EU (EU-UK FTA); a transitional phase between Brexit and commencement of the EU-UK FTA; accession to full membership of the World Trade Organisation; new free trade agreements to replace those between the EU and 53 other countries; and cooperation in the realms of defence, foreign policy, and security. Negotiation of fair and mutual transitional arrangements will be key for the economies of the UK and the EU to avoid adverse results of the “cliff edge” variety upon the UK’s exit.

There is a spectrum of possible outcomes of any Brexit deal, bookended by “hard Brexit” and “soft Brexit”. However, neither of those terms can clearly be defined. Some define “hard Brexit” as rejecting privileged access to the EU single market in return for submitting to some EU laws and institutions, While the swirl of day-by-day posturing, partisan commentary, and reluctance of the UK and EU authorities to reveal their negotiating hands make it challenging to discern probable routes forward and plan accordingly, there is no reason why even a “hard Brexit” cannot encompass access to the single market for financial services companies.

 

In this article, we explore how the established EU concept of third country passporting for financial services firms could mitigate the adverse effects of any exit from the EU single market for London as a leading world financial centre.

Passporting

The City of London is one of the world’s leading financial centres, vying only with New York City for the top spot. As such, many financial services firms choose the UK to headquarter their businesses, anchoring themselves in a convenient time zone and location from which to access the European and global markets. Post-referendum, the primary concern of financial services professionals is whether they will be able to continue to access the European single market for financial services. This begs the question of whether the UK, in its Brexit trade deal negotiations, will accept the fundamental European principle of the free movement of people in order to gain such access.

The importance of the EU passport and access to the single market should not be underestimated. According to the European Banking Authority, there are more than 2,000 UK investment firms carrying on Markets in Financial Instruments Directive (MiFID) business which benefit from an outbound MiFID passport:

  • Nearly 75% of all MiFID outbound passporting by firms across the EU is undertaken by UK firms into the EEA;
  • 2,079 UK firms use the MiFID passport to access markets in other EU countries; and
  • more than 50% of all investment firms authorised under MiFID are based in the UK.

 

In addition, the European Securities and Markets Authority’s (ESMA’s) opinion of 30 July 2015 on the functioning of the Alternative Investment Fund Managers Directive (AIFMD) passport noted that out of 7,868 AIFs notified for marketing in other EU member states, including sub-funds of umbrella AIFs, 63.8% of those (5,027 AIFs) were from the UK.

In addition, out of the 1,777 non-EU AIFMs marketing AIFs in EU member states, 1,013 (57%) were marketing AIFs in the UK. The figures are clear—the UK generates a significant proportion of the EU’s MiFID and AIFMD passporting business. Conversely, the UK financial services sector benefits hugely from the EU passport and access to the single market. For completeness, passporting rights also exist under the Insurance Mediation Directive, Mortgage Credit Directive, Electronic Money Directive, Capital Requirements Directive and Solvency II. However, those directives are outside the scope of this article.

In a recent wider analysis by the UK Financial Conduct Authority (FCA) which took into account all the passporting directives, FCA found the following:

 

Total Inbound from

EU27 into UK

Outbound from

UK into EU27

Number of passports in total 359,953 23,532 336,421
Number of firms using passporting 13,484 8,008 5,476

 

Many firms hold more than one passport; hence, there are significantly more passports than firms.

The optimal outcome for UK financial services firms that wish to retain their current access to the single market in financial services would be a bespoke deal, but if not achievable, the third country passport can mitigate the issues arising from withdrawal of passporting rights.

Upon the UK’s withdrawal from the EU, the passporting regime will, broadly, cease to apply to UK-authorised firms. In other words, the following will be the case:

  • Investment firms, banks, and fund managers will no longer be able to passport into, or establish branches in, the remaining EU member states.
  • Firms will not be able to market Undertakings for Collective Investment in Transferable Securities (UCITS) and AIFs EU-wide on a passported basis.
  • Firms will only be able to market AIFs EU-wide using local private placement regimes.
  • Investment managers will need to acquire local authorizations to conduct investment activities in each EU member state in which they operate.
  • Many investment firms, banks, and fund managers would need to consider whether to relocate their base of operations in an EU country while retaining a substantial UK foothold in order to retain the passport.

Options if the UK Does Not Negotiate Continuing Access to the Single Market

The EU has already recognised the concept of non-EU or third country access to the passport, provided that stringent (but, in our opinion, entirely achievable) conditions are met. The best current examples of that are the AIFMD, the European Market Infrastructure Regulation (EMIR), and to some extent, the Prospectus Directive. In addition, MiFID II—due to come into force in January 2018—provides for such access, albeit in the non-retail sector only. However, the UCITS regime does not envisage the extension of its regime to non-EU countries, as by definition UCITS and their managers must be domiciled in the EU.

AIFMD Third Country Passport

AIFMD contemplates that non-EU AIFMs in eligible third countries may benefit from the right to manage AIFs and/or market units or shares of AIFs throughout the EU with a passport. At present, no such passports have been granted. However, the process for doing so is well underway. Canada, Guernsey, Japan, Jersey, and Switzerland have recently been given a “favourable opinion” by the ESMA in its advice to the European Commission on the extension of the AIFMD passport. In addition, ESMA has given favourable but qualified opinions regarding the same in respect of Australia, Hong Kong, Singapore, and the United States, but has not yet been able to provide definitive advice in relation to Bermuda, the Cayman Islands, and the Isle of Man. The Commission is deliberating on the timing, and it is not clear when the third country passport will become available to AIFs and AIFMs based in a third country that has already been given a favourable opinion by ESMA.

If the UK was to leave its current AIFMD-compliant regime in place, it ought to be technically straightforward, following Brexit, for the AIFMD passport to be extended to the UK. If so, UK AIFMs managing EU AIFs and/or non-EU AIFs could become authorised under AIFMD by achieving authorised status in an EU country and could continue to use marketing and management passports subject to a positive opinion from ESMA and a decision by the Commission that the UK qualifies for such treatment under the applicable criteria. However, political considerations would be inherent within any such decision and would likely complicate it.

MiFID II Third Country Passport

The Markets in Financial Instruments Regulation (MiFIR), which is due to come into force in January 2018 (and forms part of the MiFID II regime), entitles “third country” investment firms to provide investment services only to professional clients across the EU upon registration with ESMA. Registration will be contingent upon a range of conditions, including a decision made by the Commission that the relevant third country’s prudential and business conduct framework is equivalent to EU standards.

Would the UK pass the third country test?

In our opinion, yes. On 24 June, the FCA made it clear that firms are to continue down the road to implementation and are to comply with all EU legislation until further notice. As such, if the UK implements in full the provisions of MiFID II, it ought to be a relatively simple process, following Brexit, for the MiFID II passport to be extended to the UK, thus providing firms with non-retail single market access. However, political considerations could trump that.

EMIR Third Country Passport

EMIR is the product of an international initiative of the G20 developed in the wake of the Great Recession. With this in mind, the UK is unlikely to want to unravel EMIR post-Brexit. Since in a post-Brexit world a UK undertaking would no longer be established in the EU, under EMIR, UK undertakings that are currently financial counterparties or non-financial counterparties would become third country entities (TCEs) for EMIR purposes and no longer directly subject to EMIR. However, EMIR does impact TCEs when they trade with EU counterparties, and to that extent EMIR will continue to impact the same post-Brexit.

The City of London boasts some of the world’s largest clearing houses, and at least three of them are currently permitted under EMIR to provide clearing services to clearing members and trading venues throughout the EU in their capacity as ESMA-authorised central counterparties (CCPs). Post-Brexit, however, a UK CCP would become a third country CCP. Under EMIR, a third country CCP can only provide clearing services to clearing members or trading venues established in the EU where that CCP is specifically recognised by ESMA. This would require, among other things, clearing houses operating out of London to apply to ESMA for recognition, the Commission to pass an implementing act on the equivalence of the UK’s regime to EMIR, and relevant cooperation arrangements to be put in place between the EU and the UK—a lengthy process overall and one thrown into doubt by Brexit.

Encouragingly for the UK, since 27 April 2015, 19 third country CCPs have been recognised by ESMA emanating from Australia, Canada, Japan, Hong Kong, Mexico, Singapore, South Africa, South Korea, Switzerland, and most recently the United States. Clearly, there is an appetite within ESMA and the EU for third country CCPs to provide services within the EU, and post-Brexit, we believe that financial institutions based in the EU will certainly want to continue to access UK regulated markets and CCPs.

Prospectus Directive Third Country Passport

As an EU member state, the UK is currently a participant in the Prospectus Directive’s passporting regime for prospectuses. Any failure by the UK to secure continued access to the single market would bring challenges. Notably, prospectuses approved in an EU member state in connection with a listing on a regulated market in that member state would need to be recognised by the FCA in order to be approved for UK listing purposes. Conversely, prospectuses approved in the UK would need to be approved afresh by the regulatory authority in an EU member state under applicable Prospectus Directive standards for the prospectus to be used for a listing on a regulated market in that state.

However, under the Prospectus Directive, an EU member state regulator is able to approve a prospectus approved in a “third country” if the Commission is satisfied that the prospectus was drawn up in accordance with international standards, and that the relevant third country’s prospectus content requirements were equivalent to those in the Prospectus Directive. Provided the UK’s prospectus requirements do not change dramatically from what are currently in place, we believe that the UK’s requirements should be considered equivalent to the Prospectus Directive requirements for the purposes of listing in the EU.

UCITS

UCITS funds and their managers (but not necessarily the delegates of their managers), by definition, must be domiciled in the EU. Unlike AIFMD, EMIR, MiFID II and the Prospectus Directive, the UCITS regime does not envisage the extension of its regime to non-EU countries. In other words, UK UCITS funds would no longer qualify as UCITS. Instead, UCITS would become AIFs. This means that UK-based UCITS funds would no longer be automatically marketable to the public in the EU and would therefore become subject to local private placement regimes. Conversely, a UCITS fund established, say, in Ireland or Luxembourg, would no longer be marketable in the UK to the general public, and a management company based in Ireland or Dublin would no longer be entitled to provide management services to a UK-based UCITS fund.

During any Brexit negotiations, insertion of a “third country” equivalence test into the UCITS regime may be used as leverage by the EU negotiating team in exchange for concessions by the UK. Any third country equivalence regime that is substantially similar to that under AIFMD and MiFID II would be well received in the City of London and would provide the necessary reassurance for financial services firms operating in the UCITS space.

What Should You Be Doing Now?

There are a number of actions we recommend that firms consider taking in order to prepare for the eventuality of Brexit:

  1. Monitor Brexit developments and consult your legal services providers to help you understand these developments as they unfold.
  2. Develop a contingency plan for a “hard Brexit” and how to respond to withdrawal of passporting rights and the absence of a third country equivalent mitigant.
  3. Consider a review of your existing contracts:
  • The jurisdictional scope of your contracts may be limited. The definition of “EEA” may need to be redefined to continue to cover the UK in the event of Brexit.
  • Current investment strategies may require updating. In particular, investment strategies that permit investments in the EEA may need to be amended in order for investments in the UK to continue to be permitted.
  • There may be force majeure implications. Uncertainty may drive parties to look for an exit from contracts that are no longer profitable or are underperforming. EU law provisions may render contracts incapable of being performed as originally anticipated. Parties looking for flexibility in such circumstances should consider including Brexit in their force majeure provisions.
  • Termination rights. Those wishing for the option to withdraw from potentially loss-making contracts should consider drafting termination rights which will apply in the event of a Brexit (i.e., consider drafting and quantifying withdrawal rights in the event of a “material adverse financial event/downturn” in the markets).
  1. Lobby the UK government:
  • We recommend lobbying the UK government, either directly or through your relevant trade association, to ensure that your voice is heard and that key financial services sector considerations will be on the agenda when a Brexit deal is negotiated.
  • In addition to the range of sectoral trade associations, there are various lobby groups in existence, such as TheCityUK, whose aim is to preserve access to the European markets; the European Financial Services Chairmen’s Advisory Committee which is chaired by Shriti Vadera, former Labour business minister, and the Financial Services Negotiation Forum.

Resources

For further information on the implications of Brexit, please visit Morgan Lewis’s Brexit Resource Centre.

Contacts

If you have any questions or would like more information on the issues discussed in this LawFlash, please contact any of the following Morgan Lewis lawyers:
US

Michael Pedrick

London

Simon Currie

William Yonge

 

About Morgan Lewis

Morgan Lewis offers more than 2,200 lawyers, patent agents, benefits advisers, regulatory scientists, and other specialists in 30 offices* across North America, Asia, Europe, and the Middle East. The firm provides comprehensive litigation, corporate, transactional, regulatory, intellectual property, and labor and employment legal services to clients of all sizes—from globally established industry leaders to just-conceived start-ups.

 

 


BABC New Member: Spring 2017

John Connolly

Willis Towers Watson
5 Radnor Corporate Center
Radnor, PA 19087
P: 610-212-0680
E: john.a.connolly@willistowerswatson.com


Human Interest Feature: Navigating the New World

2017 BABC Transatlantic Conference – Navigating the New World
By Alicia Talucci, BABC Coordinator

Every year, the British American Business Council picks a chapter to host its Transatlantic Conference. This year the Transatlantic Conference will be held in “The Windy City”. Chicago will host participants on May 10-11, 2017 for an invigorating discussion based on the thought leadership of Senior Executives.

This year’s theme will be “Navigating the New World,” a perfect sentiment to the changing international economic climate. The majority of the focus will be on the new opportunities presented to the US, Canada, & Europe, the realities these countries will face upon new trade agreements, changing economies, and new leadership and governance.

Many are buzzing about the relevance this particular conference has in light of so many changes around the world. CEO of the British American Business Council, Jeffries Briginshaw said, “This yearly conference brings together our UK-US business network to offer thought-leadership and substantive networking. Now, more than ever, business leaders are seeking connections with each other and engagement with local governments on both side of the Atlantic, in order to better navigate an uncertain global future.”

Laurence Geller, Chairman, 2017 Transatlantic Conference said, “It is this backdrop of uncertainty and change that makes BABC’s Annual Transatlantic Conference so exceedingly important. With Thought Leadership as its underlying theme, the discussions will not only inform, identify the power and relevance of strategic partnerships and, without a doubt, provide an important voice in the policy debates proliferating on both sides of the Atlantic.”

This year’s conference follows two very successful conferences in London and New York. Engage with over 2,000 member companies from 22 chapters worldwide. Build valuable business connections, and connect with experts to shed light on the exciting future that lies ahead.

To register and for a full comprehensive list of speakers and topics, please click here.

 


President’s Letter: Spring 2017

rhett-workman

Dear BABC Members and Friends,

As our fiscal year winds down I would like to remind you to put your membership dollars to work, and of the value of BABC programing. In the digital age we rarely have the opportunity to network face-to-face or to meet and hear from expert business leaders all together in one room.  The BABC offers approximately one event per month, affording members the opportunity to market their services and to meet like-minded international business executives.  We have had a superb year, and we will be ending on a high note with several exciting activities.

We are pleased to announce we are working on a new logo and several other important marketing initiatives, all of which reflects BABC’s drive to better serve its membership on US/UK trade and investment matters. Our annual membership directory – including a listing of the who’s who of global commerce in the region; a guide to valuable business services on both sides of the Atlantic; trade statistics; a review of our events; and advertising – will hit members’ desks mid-summer.

This month we are hosting our Sixth Annual Young Professionals Group panel discussion and networking event, and next month we are going to the British Consulate-General and the Department for International Trade Office in New York City for an update on Brexit and to learn about their services and sector campaigns. Pre-registration for this special program is required.  If you are interested in attending, please contact us directly.  Also in May, we are hosting International Soccer Night at Talen Energy Stadium in collaboration with several other chambers.  Lastly, at the end of May the BABC Board of Directors are inviting prospects to an exclusive membership development meeting and dinner.

Our job is to serve you and ensure you are fully engaged in BABC activities. As we plan for next year please contact us with programing ideas or initiatives you would like to be involved in.  We look forward to seeing you often during the next few months.

Sincerely,

 

Rhett D. Workman

President, British American Business Council of Greater Philadelphia


BREAKING NEWS – UK Triggers Article 50

BAB Statement – please attribute all comments to BritishAmerican Business CEO Jeffries Briginshaw

“Today, the UK Government officially notified the European Commission of its intention to withdraw from the European Union. While the majority of BritishAmerican Business members had not been in favor of leaving the EU, they remain fully committed and ambitious when it comes to their business in the UK and in the transatlantic economy.

“Our members want the UK to remain an attractive place to live, work and invest in. For that to work, it is imperative that the UK makes its relationship with the EU work for business and that Government delivers on its promise to offer the business community a clear and realistic time frame and pathway for an ambitious future relationship with the EU, post-Brexit, right from the start of the negotiations.

“We welcome the UK Government’s efforts to consult and work with the business community in this important time of change, and we look forward to increasing the level of exchange between all departments involved; particularly as the negotiations will need to address complex issues, such as talent mobility, data flows, customs and regulation/ standards. It will be critical to provide clarity on how these issues are addressed during the time of the negotiations and after in order to minimize business disruption and facilitate the transition to the post-Brexit state.

“BritishAmerican Business brings together leading British firms and major US investors, who alone stand for 46% of Foreign Direct Investment in the UK. During these uncertain times, the UK-US economic relationship is, and remains, a significant source of strength and opportunity. To further build on this transatlantic relationship, it is important that the relationship between the UK and the EU delivers a healthy business environment for both the UK and the EU”.

## ENDS ## 

For more information please contact: Tim Horan, Communications Manager
Email: thoran@babinc.org; Tel: +44(0)207 2909878


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.

 

 

 

 

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