Brexit: passporting, third-country status and equivalence

This note provides an overview of the issues that may be faced by UK financial institutions currently carrying on business in EU member states following the UK's vote to leave the EU.

The note summarises the passporting rights currently available under EU financial services legislation and the potential consequences for UK financial institutions if those rights are lost. In particular, the note considers the implications of the UK becoming a third country (that is, a jurisdiction outside the European Economic Area (EEA)) and the rights of financial institutions based in a third country to access EEA markets. The note also provides links to relevant Practical Law materials on passporting and other related issues.

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