BREXIT and passporting

There might be a deal. There might not be. It might happen at the end of October – or it might not! Either way, the FCA has prepared information to help firms prepare. You can access that information here.

Passporting
The FCA has made transitional arrangements for non-UK firms to continue operating in the UK post-BREXIT. Unfortunately, to date, the EU has not reciprocated and UK firms that wish to do operate in the EU/EEA post-BREXIT will need to contact the relevant regulator in the countries where services are provided to identify what is required to be able to provide those services after BREXIT. 

The EU/EEA countries are Austria, Belgium, Bulgaria, Croatia, Cyprus (Republic of), Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

Details of all regulators in the EU/EEA can be found here.

A list of dedicated Brexit websites hosted by financial regulators in EEA Member States is available on the FCA website. The FCA has drawn particular attention to the Luxembourg transitional regime for existing contracts where firms must register by 15 September 2019.

Important Note: ATEB news is intended to provide general information ONLY. The content, including any views expressed or guidance provided, does not replace the need to comply fully with FCA Rules and Guidance. Unless you have discussed news article content with ATEB, and specifically how it relates to your circumstances, then ATEB disclaims all liability and responsibility and actions arising from any reliance placed upon it. For the avoidance of doubt therefore, any reliance you place on such information without our consultation is at your own risk.

ATEB Compliance offers compliance and regulatory advice.

ATEB Suitability provides report writing software for the financial services market.

Our View

In the event of a no-deal Brexit UK firms doing business in the EEA through a passport will no longer be able to do so.

Whether firms need regulatory permissions to continue to do business in an EEA country will depend on the activity they are carrying on, the local law and the approach of the local authorities in that jurisdiction.

Firms should make themselves aware of any relevant transitional regimes, with deadlines or registration requirements attached to them, that have been put in place by relevant EEA Member States.

Action Required By You

  • Be aware of relevant EEA transitional regimes and any deadlines;
  • Contact your usual ATEB Consultant for further advice or contact ATEB directly.
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About the Author

Technical Manager - Often referred to as the Oracle or the Sage, Alistair has a wealth of financial services experience. He is our go-to Technical Manager and enjoys nothing more than a complicated conundrum. Feel free to test his renowned knowledge by getting in touch.

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