This is interesting. A technical post from a financial services legal perspective, on the real challenges facing UK financial services companies post Brexit.
In my previous post, I outlined my intention to attempt to define what the environment for UK financial services couldlook like after Brexit. This post will concentrate on the provision of regulated financial services throughout the EEA.
In my view, the UK is likely to have three key objectives in negotiations with the EU on this topic:
- Preserve existing passporting rights for UK firms;
- Obtain an affirmative determination as quickly as possible on the equivalence of UK legislation with corresponding EU directives and regulations; and
- Ensure “access” to the Single Market.
There is no precedent for a non-EEA member being granted passporting rights. Indeed, it is difficult to conceive of a situation under the current regulatory framework where a country outside the EEA might be entitled to perform regulated activities within the EEA without being subject to any of the directives which govern such activities.
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