After the sunset: The impact of Brexit on EU market access for banks and investment firms Dr. Mathias Hanten, Dr. Osman Sacarcelik, 23 February 2018,
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1 After the sunset: The impact of Brexit on EU market access for banks and investment firms Dr. Mathias Hanten, Dr. Osman Sacarcelik, 23 February 2018, Frankfurt am Main EBI Global Annual Conference on Banking Regulation
2 Introduction The decision of the to leave the EU and the withdrawal of the from the single market triggered specific legal and regulatory issues particularly for -based banks and investment firms. A major consequence of the Brexit will be a loss of the EU-passports for -based Institutions which are currently authorised to provide their services across the European Economic Area ( EEA ). The central question is whether and how based institutions can continue to offer their cross-border services within the EU and the EEA without the EU-passport. Deloitte Legal
3 Please cast your minds back! We were young Majority of third-country providers opted for London as a European Hub. Second Banking Directive (89/646/EEC, 15 Dec. 1989) Implementation: 01 Jan Investment Services Directive (93/22/EEC, 10 May 1993) Implementation: 31 Dec EEA Member Branches Deloitte Legal
4 What are target structures? EU Passport -country Branch Cross-border EEA ( Corp EEA) EEA ( Corp EEA) Branches EEA ( Corp EEA) EEA ( Corp EEA) Branches Deloitte Legal
5 And? Old wine in new bottles? RELOCATION Deloitte Legal
6 Are these topics new? Brexit provides for a more focused perspective. No, but... law makers and regulators are expected to give clearer guidance. the more focused perspective crystallises regulators concerns, which are Deloitte Legal
7 Remaining concerns? Double-hatting Is a double-hatting admissible? -country Branches Supervision How would third country branches supervision look like? Exemption How can an exemption work? Reverse Solicitation To what extent the reverse solicitation work? Investment Firms Supervision How would investment firms supervision look like? Outsourcing To what extent can sources be outsourced? Branching-back Is branching-back admissible? Deloitte Legal
8 What s the conclusion? It s nothing new! Missing guidance from regulators? Is there a need for clear guidance? SSM will be put to the test. Deloitte Legal
9 Deloitte Legal means the legal practices of Deloitte Touche Tohmatsu Limited member firms, their affiliates or partner firms that provide legal services. This communication contains general information only not suitable for addressing the particular circumstances of any individual case and is not intended to be used as a basis for commercial decisions or decisions of any other kind. None of Deloitte Legal Rechtsanwaltsgesellschaft mbh or Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the Deloitte network ) is, by means of this communication, rendering professional advice or services. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a private company limited by guarantee ( DTTL ), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as Deloitte Global ) does not provide services to clients. Please see for a more detailed description of DTTL and its member firms. Deloitte provides audit, tax, financial advisory and consulting services to public and private clients spanning multiple industries; legal advisory services in Germany are provided by Deloitte Legal. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte s approximately 263,900 professionals are committed to making an impact that matters.
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