Q&As

Following IP completion day, can a UK Bank issue, advise or confirm a letter of credit to a European beneficiary?

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Published on LexisPSL on 01/04/2021

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Following IP completion day, can a UK Bank issue, advise or confirm a letter of credit to a European beneficiary?

See Practice Note: Brexit—impact on financial services discusses the impact of Brexit on financial services including the loss of passporting rights for UK regulated firms to access the EU market. Prior to Brexit, regulated UK firms carried out various cross-border services using passports operating under different EU directives and regulations. The implications of losing passporting rights, and possible solutions, differ depending on the specific cross-border service that the UK firm is looking to p

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