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

SSRN eLibrary | European Banking Institute Working Paper Series 2018 - no. 22

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.

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