There was consternation in the City today, April 1st, at the latest guidance from Brussels in relation to the impact of a no-deal Brexit scenario.
The senior managers' regime (SMR) is likely to require senior managers to spend at least two weekends a month in Frankfurt so that companies can prove that their presence in an EU jurisdiction post-Brexit was not merely a 'Brexit-dodging' exercise.
We understand that representatives of London-based financial institutions have sought to have the new requirement watered down such that the two weekends a month requirement is not enforced during key months in the British sporting calendar such as Wimbledon and the Lords test.
Predictably, there has been an outcry from the little known "City of London Labour" group on the grounds that lawn tennis and cricket are elitist sports and that working-class sports such as darts should be in the exempt list.
Nigel Farquhar, a well-known City of London figure pointed out that darts was not the sport of choice amongst the senior echelons of the City of London.
Brussels is expected to issue a definitive ruling shortly to external stakeholders.
