The Brexit Deal: Impact on Financial Services

The 11th hour trade deal announced by the EU and the UK on Christmas Eve looks quite similar to a no-deal in so far as financial services are concerned. In particular, EU/UK firms have lost the right to passport, meaning that they can no longer provide financial services in each other’s territories on the basis of their home country authorisation. Moreover, while the EU/UK have agreed to discuss how to move forward with equivalence determinations, it appears that these determinations will continue to be made on an exclusively unilateral basis, at least for the immediate future.

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