In a nutshell this is what the White Paper published today by Theresa May says about the financial services passports post-Brexit:
1. The UK will no longer operate under the EU’s passporting regime.
2. An expanded third-country equivalence regime will apply from the end of the implementation period (i.e. 31 December 2020).
3. The above aims to maintain the economic benefits of cross-border provision of financial services between the UK and the EU while providing both countries with the autonomy to legislate for their own interests.
Please do not hesitate to contact us (www.fsreg.com) if you require any further information.
Disclaimer: This article provides general information only. It is not intended to be comprehensive and does not constitute the provision of legal or regulatory advice. FS REG is not responsible for any action taken or omitted to be taken on the basis of the information contained in this article. © 2018 FS REG Limited (www.fsreg.com). All rights reserved.