"Brexit": Financial Services Regulation

Audio Webinar: Brexit: Implications for Financial Services Regulation

In the second of our series of Brexit webinars, held on 17 February 2016, we looked at the implications on financial services of a UK exit from the EU.

Currently, UK authorised financial services firms have the right to carry on business in another EEA state, with or without a branch, provided the requirements of the single market directive under which the activities will be carried out are met. This important "passporting" right allows UK authorised firms, including banks, investment firms, asset managers, insurers, insurance intermediaries, payment services providers and E-money firms, free access to EU markets.

Depending on the form any Brexit might take, leaving the EU could mean either restricted EU market access for UK regulated institutions, including banks and financial services businesses, with "third country" status following an exit, or continued access to EU markets but without the ability to vote on financial services legislation e.g. as an EEA/EFTA member.

Andrew Procter, Karen Anderson, Dorothy Livingston and Gavin Williams discussed the implications of a Brexit for financial services institutions and the possible impact for affected businesses and their customers.

If you are a client and would like to access the webinar, please contact Jane Webber.