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But what of a UK counterparty treating with an EU one? Here we have a guaranteed conundrum: where does one become the other? When the golden threads of commerce stretch betwixt the knights of Albion and the gallic and teutonic hoardes to the south, what gust of wind, spiriting starlings high above the chalky cliffs, impels them between their petulantly immovable regulatory regimes? How does one neatly describe a regulation that, in practice, applies to both but, in law, applies to only one at a time, ''seriatim''? | But what of a UK counterparty treating with an EU one? Here we have a guaranteed conundrum: where does one become the other? When the golden threads of commerce stretch betwixt the knights of Albion and the gallic and teutonic hoardes to the south, what gust of wind, spiriting starlings high above the chalky cliffs, impels them between their petulantly immovable regulatory regimes? How does one neatly describe a regulation that, in practice, applies to both but, in law, applies to only one at a time, ''seriatim''? | ||
This issue has, presently, defeated the very [[Magic circle law firm|finest professional wordsmiths in the English language]]. They resort to such toe-curling conditionals as this:<ref>I might be | This issue has, presently, defeated the very [[Magic circle law firm|finest professional wordsmiths in the English language]]. They resort to such toe-curling conditionals as this:<ref>Okay okay, I might be exaggerating ''un peu''.</ref> | ||
{{quote|''The issuer represents that it is: | {{quote|''The issuer represents that it is: | ||