Tag Archives: passporting

Chancellor’s repsonse to Treasury Committee’s letter on the effect of Brexit on insurance contracts

The Government has published a response to the Treasury Committee letter on Brexit and insurance contracts. The letter acknowledges the risk that the UK’s withdrawal could create legal uncertainties as to the status of existing cross-border insurance. The Government has been working with the insurance industry and others in the financial services sector to understand […]

Treasury Committee letter to Chancellor on effect of Brexit on insurance contracts

The Treasury Committee has published a letter written to the Chancellor of the Exchequer highlighting the problem with insurance contracts sold under passporting arrangements with a duration beyond 29 March 2019. The Chair of the Treasury Committee explains that without further action, insurers will lose the right to service these contracts and there may be insufficient time to […]

Insurance Europe calls for ‘grandfathering’ of existing insurance contracts post-Brexit

Insurance Europe has published a position paper calling for the ability of  (re)insurers’ to service existing contracts issued on the basis of passporting before Brexit to continue to run post-Brexit. IE recommends ‘grandfathering’ as the best solution. It is concerned that the ability of EU and UK citizens to exercise rights under insurance contracts is dependent on a (re)insurer’s […]

FCA publishes MiFID 2 passporting forms

FCA has published a new page on its website outlining how a firm can apply for a passport under MiFID 2. It also includes details of deadlines and links to the relevant application forms. Firms need to use these forms if they are newly authorised under MiFID 2 or where they relate to activities implemented as MiFID 2 […]

EIOPA publishes opinion on supervisory convergence in light of Brexit

EIOPA has provided an Opinion addressed to national supervisory authorities on supervisory convergence in light of the UK’s withdrawal from the EU. EIOPA acknowledges that insurers may be seeking to relocate to or set up a new business in the EU in order to maintain access to the EU single market after Brexit. EIOPA comments […]

EBA consults on PSD2 central contact points

EBA is consulting on draft RTS addressing how to determine whether there should be a central contact point under PSD2 and what the functions of that contact point should be. Host member states have the option to require ELMIs and PIs that passport in an establishment to appoint a local central contact point, so the […]

Commission publishes more MiFID 2 standards

The RTS under MiFID 2 on information to be notified  by investment firms, market operators and credit institutions when applying for a MiFID 2 passport has been published in the OJ. The RTS include the information required for a tied agent passport notification.

meps call for acceleration of eu fintech development

Economic and monetary affairs committee MEPs want the EU to accelerate the development of financial services enabled by new technologies (FinTech). Their key priorities are: Cybersecurity and data protection: the need for end-to-end security across the whole financial services value chain and to create more awareness among the consumers regarding the value of their personal […]

PRA asks firms to provide Brexit contingency plans

Sam Woods, the PRA’s CEO, has published a letter seeking contingency plans from firms in light of the UK’s impending withdrawal from the EU. The letter is relevant to banks, insurers and designated investment firms undertaking cross-border activities between the UK and the rest of the EU. PRA expects firms to prepare and execute in […]

More action on Brexit

The CityUK has published a lengthy study and report on the EU’s “third country” regimes and alternatives to passporting. The following day, the Supreme Court delivered its judgement that confirmed an Act of Parliament is required to authorise ministers to give notice of the decision of the UK to withdraw from the EU. A White […]