FIN.

FCA publishes passporting figures

In response to the Treasury’s Committee’s investigation into the potential effects of Brexit, FCA has revealed details of the number of single market passports used by UK firms to passport into other EEA Member States, and those used by EEA firms to passport into the UK. Over 5,000 UK firms passport out, and over 8,000 EEA firms passport in. UK firms are more prolific in using passports, holding over 336,000 passports for specific services, while passporting-in firms hold around 23,000.  MiFID and the IMD account for the largest number of these passports. The various product passports, particularly in the funds industry, are additional to these. Andrew Tyrie, chair of the Treasury Committee, commented on the number of businesses that Brexit puts at significant risk, and commented that “none of the current “off-the-shelf” arrangements can preserve existing passporting arrangements, while giving the UK the influence and control it needs over financial services regulation as it develops.”

Emma Radmore