- Post-Brexit passporting—weighing up the options
- What are passporting rights?
- Considering that passporting rights are part of the European Economic Area (EEA), what options are available to the UK in the case of a hard Brexit?
- Could the UK secure a series of bilateral agreements, as in the case of Switzerland? What are the chances of success in this regard?
- What are benefits and risks to this scenario? Do bilateral agreements, for example, limit the provision of financial services?
- Could the UK rely on third-country equivalence provisions under existing EU legislation?
- How should a new arrangement be implemented? Would a transitional period be required?
- What if the UK and the EU reach no agreement? How would this impact the UK’s financial services industry?
- How do these issues differ for different types of financial services providers (eg investment firms, credit institutions, asset managers, insurance companies)?
- Are there any other important issues worth mentioning?
Financial Services analysis: What will happen to passporting rights post-Brexit? Nicolas Groffman, partner and head of international, Tim Littler, partner and head of banking, and Harry Bengough, senior associate, at Harrison Clark Rickerbys Solicitors, consider the current issues involved in post-Brexit passporting in the financial services sector.
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