Shefali Roy is the former European Compliance Officer and Money Laundering Reporting Officer for Stripe. Prior to Stripe, Shefali headed up compliance, business conduct and risk across Europe, the Middle East, India and Africa for Apple, was the Chief Compliance & Ethics Officer for Christie’s worldwide and worked in private wealth compliance for Goldman Sachs across Europe. She has undergraduate qualifications in law, economics and finance, and postgraduate qualifications in journalism and economic history, from RMIT, Oxford and LSE respectively. She is presently undertaking an EMBA from Oxford’s Said Business School.
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The British public recently voted to leave the European Union. Only history will tell whether it was a good decision or not. The immediate issue is… what happens now? Those in financial services and technology firms will have to grapple with the unraveling of treaties that will have a direct impact on their business. But first… what happens next?
The U.K. has to invoke Article 50 . In essence, Article 50 — a version of which has only ever been invoked once, by Greenland in 1985 when they were part of the EU’s predecessor, the European Economic Area (EEA) — determines the process of a member country leaving the EU. Prime Minister David Cameron said in his resignation speech that he expects the new PM to be appointed next October at the Tory Party Conference, and that that PM will issue the Article 50 notice to the EU.
However, there was news that EU bureaucrats expect the British to invoke Article 50 sooner. Martin Schulz, President of the EU Parliament, said he wanted notice to be given by Tuesday, 28 June . Jean-Claude Juncker, European Commission President, said he wants talks to start immediately . Once notice is given, the U.K. will have two years […]
