Applying for passporting
Produced in partnership with Orrick, Herrington & Sutcliffe
Applying for passporting

The following Financial Services practice note produced in partnership with Orrick, Herrington & Sutcliffe provides comprehensive and up to date legal information covering:

  • Applying for passporting
  • What is passporting?
  • Exercise of EEA rights by UK firms
  • Application process
  • Timescales
  • Exercise of EEA Rights in the UK by EEA Firms
  • Passporting under MiFID
  • Revised single market legislation
  • Further information

Applying for passporting

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

What is passporting?

UK authorised firms may be eligible to carry out permitted activities in another European Economic Area (EEA) state if they fulfil the requirements under the relevant single market directive.

Passporting is an EEA right which entitles a person to establish a branch, or provide services, in another EEA State if it is within the scope of a relevant EU single market directive. A UK-authorised firm which is dual regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) wishing to exercise its passporting rights must notify the PRA of its intention to do so. A solo regulated firm must notify the FCA.

The relevant EU single market directives include:

  1. Banking Consolidation Directive (Directive 2006/48/EC) (BCD)

  2. Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) (for investment firms)

  3. Capital Requirements Directive (Directive 2013/36/EU) (CRD) (for credit institutions and financial institutions)

  4. Undertakings for Collective Investment in Transferable Securities

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