Deal or No Deal?
Despite initial rejection of the Withdrawal Agreement in the House of Commons, the ‘deal’ may yet be palatable to a majority of MPs with some further concessions from the EU, specifically around alternative arrangements for the Northern Ireland ‘backstop’. Yet, the EU has explicitly stated it will not re-open negotiations on the agreement, to make any further concessions: “the deal is the deal” they say.
Despite a non-binding resolution that Parliament rejects a ‘no deal’ Brexit on 29 March 2019, this remains a distinct possibility. In such a scenario, it is assumed that freedom of services, or a proxy arrangement, will disappear from that date. For financial services firms,this means the loss of ‘passporting’ rights and the ability to operate freely (albeit subject to a relatively simple notification process) in the European Economic Area. Instead, firms will need to set up a new legal entity in an EEA Member State and obtain an authorisation for that entity, in order to acquire and be able to exercise passporting rights.
Time is running out...
For those who haven’t already commenced preparations for a “no deal” Brexit, time has virtually run out. With so much at stake, identifying and establishing operations in a new territory should not be taken lightly.
Choosing a new 'home' Member State
This short e-book has been developed to help inform your organisation’s decision-making
process, highlighting some of the most critical regulatory considerations to take into account
when choosing a new ‘home’ Member State. Sharing the perspectives of regulators from
some of the EU’s most popular and high-profile destinations, it is intended to offer financial services firms a better insight into what they can expect should they choose to seek authorisation in any the jurisdictions covered in this publication.
The information provided in this document does not reflect the personal or professional opinions of fscom or its employees. The omission of other jurisdictions from this document should not be interpreted as a bias to those featured in this document. With the limited time available it simply hasn’t been possible to interview all relevant regulatory bodies, recognising also that some competent authorities were unable/unwilling to go ‘on the record’ in this way. Whatever destination your organisation ultimately chooses, fscom is able to provide appropriate assistance and expertise that adds value.
To find out what regulators in different jurisdictions are looking for, the challenges and costs associated with applications for authorisation and tips on fast-tracking the process, please click below to download the full Brexit planning e-book today.