The UK has now left the EU. Although there will be no immediate change, there are many things that firms (both for EU firms passporting into the UK and UK firms Passporting into the EU) need to be aware of.
UK Firms Passporting into the EU
The path for UK firms passporting into Europe is less clear. EU countries have not reciprocated the FCA’s Temporary Permissions regime (with the exception of a couple of countries) and therefore UK firms will only be able to continue Passporting until the 31st December 2020
What happens after that will depend on the future trading agreement with the EU. Given the short amount of time available to negotiate this, it will be challenging to keep passporting in place.
Please contact IFACT for more information on how we can help