This instrument will address deficiencies in retained EU law in relation to the EEA’s ‘financial services passport’ – which allows firms in EEA states to offer services in any other EEA state on the basis of their home state authorisation; and non-UK central counterparties (CCPs) and trade repositories (TRs) that provide certain services in the UK under the European Market Infrastructure Regulation (EMIR). The instrument addresses three types of provider, covered by different laws: EEA firms covered under the Financial Services and Markets Act 2000 (FSMA); EEA payments and e-money firms; and, non-UK CCPs and TRs. The instrument introduces regimes to support and amend the temporary permission and recognition regimes separately brought forward through other instruments.
Also see EU Exit SI tracker