No more passporting after Brexit?! What can you do?
As you may be aware, Brexit is going to be officially triggered by the end of March, 2017. This will definitely change the status of the European passport granted from the UK. UK-based financial institutions (e.g., banks, investment firms, fund managers, insurers, insurance intermediaries, payment institutions and e-money issuers) will be treated as third country firms after Brexit and no longer be able to carry out their activities across the European financial markets anymore.
Given this, if financial institutions want to keep their European passports, they now need to consider establishing a new presence in the Frankfurt Financial Centre, or choose other alternatives in relevant regulations (e.g., MiFID II/MiFIR, AIFMD). There is no one-size-fits-all solution, so our experienced and our professional team is very glad to help them find the best option.