The UK is proposing new legislation to mitigate the impact on EU27 regulated firms arising from a "no deal" scenario in March 2019.
EU27 firms currently utilising a passport in order to carry out business in the UK, either on a cross border basis or through the establishment of a branch, will be able to take advantage of a temporary UK permission that will avert the need for a full UK authorisation for a limited period.
An alternative route is to explore whether regulated activities are being carried out in the UK and the availability of exemptions from UK authorisation.
This briefing analyses the proposed temporary permissions regime and certain territorial factors relating to where activities are deemed to be carried out from a UK perspective.
It also includes an in-depth analysis of the overseas persons exclusion, which provides a potentially very useful basis for principally broker-dealer businesses to continue to access UK wholesale markets on a cross border basis.
Download the full briefing below:
Brexit and access to UK financial markets
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