The European Parliament has published a briefing on the impact of Brexit on the financial services industry. The briefing describes the prominent role of the UK in the single market for financial services and highlights which activities currently rely on passporting for their daily business with the other 27 Member States. The briefing considers the likely impact of Brexit on the banking, asset management, insurance and reinsurance and market infrastructure sectors, as well as other professional services. It considers the EU legislation under which each of these sectors operates and the potential impact of the loss of passporting rights. The EP also threatened “grave consequences” were possible if it is excluded from Brexit negotiations – including that it might refuse to ratify any deal.
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