Passporting into and out of the UK under CRD IV
Produced in partnership with Kelly Sheppard of Moore Stephens
Passporting into and out of the UK under CRD IV

The following Financial Services practice note Produced in partnership with Kelly Sheppard of Moore Stephens provides comprehensive and up to date legal information covering:

  • Passporting into and out of the UK under CRD IV
  • Background to passporting under CRD IV
  • The notification requirements to establishing a branch in the UK
  • What are the notification requirements to providing cross-border services into the UK?
  • The notification requirements for UK firms wishing to provide cross-border services or establish a branch in the EEA
  • What are the PRA’s responsibilities as host state regulator for inward passports?
  • What are the PRA’s responsibilities as home state regulator for outward passports?
  • Notification when changing branch details

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 on the impact of Brexit on prudential regulation, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide.

Background to passporting under CRD IV

The Capital Requirements Directive (2013/36/EU) (CRD IV) enables credit institutions and their subsidiaries that are financial institutions which meet certain conditions, to passport services to customers in other EEA Member States either by establishing a branch or by providing services on a cross-border basis. This Practice Note deals with the requirements that must be complied with should a firm wish to passport its services into or out of the UK and should be read in conjuction with the Practice Note: General passporting requirements under CRD IV.

A credit institution refers to a firm that accept deposits or equivalent repayable funds from the public and grants credits for their own account, which are typical activities of a bank.

A financial institution includes:

  1. entities that acquire holdings as their principal activity

  2. asset management companies, and

  3. firms conducting relevant activities as listed in Annex I of CRD IV (Article 34 of CRD IV), but

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