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On July 12, 2018, the European Securities and Markets Authority issued a public statement urging U.K.-based financial institutions to prepare for a hard Brexit.
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On July 12, 2018, the European Securities and Markets Authority
issued a public statement urging U.K.-based financial institutions
to prepare for a hard Brexit. In particular, ESMA states that firms
wishing to continue providing services across the EU after the U.K.
has exited the EU must make timely applications for authorization
to the relevant national regulators in the EU member state in which
the firm wants to relocate its business. ESMA notes that it has
seen an increase in applications being made and highlights that
some national regulators have stipulated that applications needed
to be received in June/July 2018 for approval to be granted in
time.
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EU Authority Urges UK Financial Institutions To Apply For EU Authorizations Now
European UnionFinance and Banking
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Our success is built on our clients’ success. We have a long and distinguished history of supporting our clients wherever they do business, from major financial centers to emerging and growth markets. We represent many of the world’s leading corporations and major financial institutions, as well as emerging growth companies, governments and state-owned enterprises, often working on ground-breaking, precedent-setting matters. With a deep understanding of our clients' businesses and the industries they operate in, our work is driven by their need for outstanding legal and commercial advice.
