The following Financial Services guidance note provides comprehensive and up to date legal information covering:
This Practice Note examines EU laws in relation to financial services around the rights of freedom of establishment and freedom to provide services from one state to another within the European Economic Area (EEA)—the concept of passporting. The note considers these passporting rights in the context of the Capital Requirements Directive (CRD IV), the Solvency II Directive, the recast Markets in Financial Instruments Directive (MiFID II), the Capital Requirements Directive (CRD IV), the Insurance Distribution Directive, the UCITS Directive, the Alternative Investment Fund Managers Directive (AIFMD) and the Mortgage Credit Directive. This Practice Note explores which activities may be passported and the processes for doing so. It also considers regulator responsibility in the event of a firm exercising passporting rights.
The Treaty on the Functioning of the European Union (the Treaty) establishes in EU law the rights of freedom of establishment and freedom to provide services in the EU.
'Single Market Directives' clarify the rights and freedoms within that framework and are defined as:
the recast Markets in Financial Instruments Directive (for investment firms) (MiFID II), which, together with (the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), replaced the Markets in Financial Instruments Directive 2004/39/EC effective 3 January 2018. For more information about passporting under MiFID II, see Practice Note: Exercising passport
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