After the Sunset: The Impact of Brexit on EU Market Access for Banks and Investment Firms

21 Pages Posted: 19 Mar 2018

See all articles by Mathias Hanten

Mathias Hanten

Deloitte Legal Rechtsanwaltsgesellschaft mbH

Osman Sacarcelik

Deloitte Legal Rechtsanwaltsgesellschaft mbH

Date Written: March 16, 2018

Abstract

The UK’s decision to leave the EU and the potential withdrawal of the UK from the single market triggered unprecedented legal and regulatory issues, particularly for UK-based banks and investment firms. A major consequence of Brexit will be the loss of EU passports for UK-based Institutions that are currently authorised to provide their services across the EEA. This paper examines whether and how UK-based institutions can continue to offer their services within the EU/EEA without the EU passport from a European and German regulatory law perspective. The analysis is based on a ‘hard Brexit’ scenario, which means that the UK will cease to be a Member State, leave the Single Market and will not apply to join the EEA.

Keywords: Brexit, Regulation, Supervision, Financial Services, Financial Markets, EU passport

JEL Classification: K23

Suggested Citation

Hanten, Mathias and Sacarcelik, Osman, After the Sunset: The Impact of Brexit on EU Market Access for Banks and Investment Firms (March 16, 2018). European Banking Institute Working Paper Series 2018 - no. 22. Available at SSRN: https://ssrn.com/abstract=3142173 or http://dx.doi.org/10.2139/ssrn.3142173

Mathias Hanten (Contact Author)

Deloitte Legal Rechtsanwaltsgesellschaft mbH ( email )

Franklinstraße 46-48
Frankfurt am Main, 60486
Germany

Osman Sacarcelik

Deloitte Legal Rechtsanwaltsgesellschaft mbH ( email )

Franklinstraße 46-48
Frankfurt am Main, 60486
Germany

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