The following Financial Services guidance note provides comprehensive and up to date legal information covering:
BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Note: The impact of Brexit on the MiFID II regime.
One of the most important facets of the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID) was the ability for investment firms authorised in one European Economic Area (EEA) Member State to provide services in other Member States, either on a cross-border basis (eg by telephone or internet) or by establishing a branch in another Member State without having to be authorised separately in each Member State where they carry on business. This is known as 'passporting'. MiFID also added investment services and ancillary activities to the list of activities that credit institutions can passport under the Capital Requirements Directive (Directive 2013/36/EU) (CRD IV).
The regulatory regime that governed firms authorised in one EEA Member State and credit institutions seeking to exercise passporting rights under MiFID depended on whether the firms planned to provide cross-border investment services or establish branches in other EEA Member States. From 3 January 2018,
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