The U.K. has been preparing for Brexit since 2016, but negotiations were difficult and did not conclude until shortly before the transitional period ended on December 31, 2020. Now that Brexit has happened and the terms of the U.K.’s departure have been determined, the impact on U.K. commerce and industry is becoming clearer. In turn, fund managers operating in the two regions are now beginning to move forward with long-term solutions for the new landscape. The effect Brexit has had – and is likely to have – on financial services was addressed in a recent panel at a conference sponsored by ACA Group (ACA). The program was moderated by Martin Lovick, director of ACA, and featured Darren Fox, partner at Simmons & Simmons; Adam Jacobs‑Dean, managing director of the Alternative Investment Management Association; and Robin Meister, former global head of U.S. regulatory affairs at BNP Paribas Asset Management. This first article in a two-part series summarizes the current U.K./E.U. relations and financial services arrangements; Brexit’s impact on cross-border marketing; and potential upcoming U.K. policy initiatives. The second article will analyze the potential regulatory divergence between the E.U. and the U.K. as to environmental, social and governance; capital markets; public markets trading; and other areas. For additional commentary from ACA, see our two-part series on the sponsor-led secondary market: “Themes, Issues and Solutions” (Oct. 8, 2019); and “Keys to Success, Process and Compliance” (Oct. 15, 2019).