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.

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