Brexit Vote Rocks the Governance Boat in Europe

“The UK will inevitably modify its regulatory framework over time and this may affect key compliance areas such as data privacy, antitrust, money laundering as well as some sector specific regulations such as medicine-related directives,” said one European Compliance and Ethics Director in the Pharmaceutical industry. “Enforcement actions will change, as the European Union authorities will no longer have jurisdiction to investigate and sanction infringements as this will be entirely in the hands of UK regulators.” In turn, this will have a profound impact on compliance programs in the European Union, where special provisions will have to be made for the UK “which will have to be treated as a third-party country such as Russia,” the Compliance and Ethics Director added.