In a move that clashes with comments made by the European Union’s chief Brexit negotiator, the Financial Conduct Authority has reassured firms that current passporting arrangements between the UK and EU will continue after the UK exits the EU.
The Financial Conduct Authority has promised to clarify the limitations of consumer protection where a firm is in another jurisdiction after the Complaints Commissioner criticised its handling of an EU-passported financial adviser from Cyprus and recommended it apologise to the investors at the heart of the complaint.
Germany’s financial service regulator, BaFin, is well within its rights to contact UK-based insurers demanding they explain how they plan to handle a no-deal Brexit, says an insurance law expert.
UK chancellor Philip Hammond has admitted the government is “alive to the risk” that leaving the EU without a Brexit deal could create “legal uncertainties” for European cross-border pensions and insurance arrangements.
Gibraltar is preparing for a post-Brexit scenario where firms will no longer have access to the European Union single market, focusing instead on maintaining a preferential relationship with Britain, a top government official has revealed.
One of Britain’s most prominent Brexit committees has warned that tens of thousands of financial services jobs could be lost to continental Europe by next year if ministers do not agree a deal on single market access with the EU.
With Britain’s impending exit from the European Single Market all but confirmed, it’s time to face the possible consequences for asset managers.
Esma, the European financial regulator, has published its advice on 12 jurisdictions seeking passporting rights for alternative investment funds (AIFs) giving seven a clear go-ahead with five others getting a qualified approval.
The solution to the post-Brexit passporting problem is not as simple as setting up a brass plaque company inside the EU, according to financial regulatory lawyers Hogan Lovells.
Blacktower Financial Management Group says it has no plans to leave Gibraltar for now and will go ahead with the opening of a new office there as the firm sought to reassure the British overseas territory over claims it is looking to move its headquarters to another EU member state.
Gibraltar-headquartered Blacktower Financial Management Group is planning a possible move of its business to a different European country in a bid to preserve its EU ‘passporting’ status, the IFA firm’s managing director, John Westwood, has said.
The Gibraltar Stock Exchange (GSX) listed its first corporate bond and its first asset-backed security in February after expanding its services last month to include the listing of closed-ended funds and debt securities.
