Tag Archives: passporting

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 […]

Parliament urges FS transition after Brexit

The EU Financial Affairs Sub-Committee has published its report on Brexit and financial services. The report says it is critical to agree a transitional period for financial services to avoid a “cliff edge” which could cause UK firms to restructure or relocate working on a “worst case” scenario. It notes that the equivalence provisions in […]

EP publishes Brexit briefing

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 […]

BBA publishes Brexit information sheets

BBA has published a series of “quick briefs” on Brexit. It says the papers should help explain the major issues Brexit presents for banks and customers. The briefs cover: Staying in or leaving the single market An orderly exit from the EU Passporting and Equivalence

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 […]