- Can passporting still occur? My understanding is passporting is a EEA law as apposed to a EU law? so one would assume that passporting can still occur?
Thanks Jim.
It the UK ends up being neither a member of the EU nor EEA one wonders how passporting, if permitted, will work.
However I can't see that happening until they have sorted out their Williams and Glynn disposal in the UK. By all reports the process of that spin off is costing RBS hundreds of millions due to the state of their IT systems.
Assuming the UK does exit, it is most likely that they will end up trading on WTO terms, in which case there will be no passporting
and such firms will need to set legal entities that operate within the EU/EEA market.
There are five principal stages in the authorisation process:
1. Holding of a preliminary meeting with the Central Bank;
2. Ensuring that the requirements set out in Sections 9A(3)(a) and
9A(3)(b) of the Act have been met;
3. Submission of a proposal to the Central Bank which is in
accordance with the checklist for completing and submitting an
application for authorisation under section 9A of the Central Bank
Act, 1971;
4. Central Bank processing of the proposal; and, on completion,
5. Submission of an authorisation application to the Central Bank
City could lose vital passporting rights after Brexit - top ECB official
Britain's financial services industry is at risk of losing its vital right to operate a "passport" across the continent if it is no longer a member of the single market, one of the European Central Bank's top officials has warned.
In the first major comments from a European monetary policymaker following the UK's historic vote, France's Villeroy de Galhau said it was "paradoxical" to allow the City of London to operate by the EU's rules and not be a member of the European Economic Area in the manner of Norway.
“If you don’t have a [full EU] licence [outside the UK] then you need to start work right away,” said the head of investment banking at a large group.
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