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The reality of operating in Europe post Brexit
With the UK is due to exit the EU Single Market on 31 December 2020, negotiations on the terms of the future relationship between the UK and EU have intensified over the last couple of weeks but they continue to take place against an increasingly uncertain and complicated political background.
Regardless of the outcome of the talks, PIMFA firms with EU footprint will need to adjust to operating from a third country in relation to the EU and decide how to access and operate on behalf of clients living in the EU.
Retail financial services firms cannot rely on pan-European set of rules for servicing customers in the EU and with passporting lost and no equivalence available in the retail investment sector, the options for PIMFA firms to continue cross border trade with the EU are limited and mostly dependent on the approaches adopted by national regulators in the EU Member States.
PIMFA has invited Penny Miller, Partner Simmons & Simmons and her colleague supervising associate Adam Colvin, to discuss what this means in practice, which options for servicing clients in the EU post Brexit exist and what the reality of cross – border trade in financial services in our sector will be with PIMFA’s senior policy adviser, Maja Erceg at this week’s Webinar Wednesday.
What will be discussed:
- Options for servicing clients in the EU post Brexit,
- The reality of cross – border trade in financial services in our sector and
- The complexity of the EU27 national regulators’ approaches