After Brexit : cross-border financial services from the UK into the EU

Auteur(s) :

Bizzozero, Alessandro Découvrir l'auteur

Résumé

Panorama des obstacles aux échanges financiers entre firmes du Royaume-Uni et de l'Union européenne après le Brexit et solutions qui peuvent être trouvées. ©Electre 2017

Autre(s) auteur(s)
- McGrand, Richard
- Bartels, Boris
Éditeur(s)
- Schulthess
Date
- 2017
Langues
- Anglais
Description matérielle
- 1 vol. (65 p.) ; 23 x 16 cm
Sujet(s)
Lieu
- Pays de l'Union européenne
- Grande-Bretagne
ISBN
- 978-3-7255-8670-7
Indice
- 334.5 Économie européenne
Quatrième de couverture
- A comprehensive assessment of the cross-border issues that will affect UK firms selling investment services and products after the UK has left the EU. We look at the situation where UK financial services firms are unable to make use of European passports, i.e. the UK as a third country in relation to the EU. The paper also looks at consequences for EEA and non-EEA firms wishing to market into the UK. Using the methodology that BRP Bizzozero Et Partners has developed for assessment of cross-border activity, the paper provides a broad view of barriers to cross-border activity and applies this to the specific and so far unprecedented case of a major country such as the UK leaving the EU.
  The firm BRP Bizzozero Et Partners is a Swiss based group with a presence in Geneva, Zurich, London, Luxembourg and Singapore. BRP is a world leading specialist in cross-border regulatory and compliance products and the BRP group is proud to include amongst its worldwide clientele more than 200 banks and banking groups and more than 500 investment advisers, asset managers and fund management companies.
  BRP aims to provide financial institutions with the necessary skills, knowledge and know-how when dealing with cross-border issues, from daily routine questions to more complex regulatory risk analysis. No financial institution operating at an international level can nowadays deal with the current ever changing regulatory environment without a proper cross-border policy ; our products and services offer a comprehensive and pragmatic solution to such challenges.
Tables des matières
- - After Brexit
  - Cross-border financial services from the UK into the EU
  - Alessandro Bizzozero
  - Richard McGrand
  - Boris Bartels
  - brp
  - Schulthess
  - List of Abbreviations7
  - Introduction9
  - Part 1 : UK's decision to leave the EU - Brexit11
  - Part 2 : Financial cross-border activity13
  - Section A : General definition and scope of financial cross-border activity13
  - Chapter 1 : Definition13
  - Chapter 2 : Geographical scope of the concept14
  - Chapter 3 : Extraterritorial impact15
  - Chapter 4 : Criteria of attraction and threshold of tolerance16
  - 4.1 Criteria of attraction 16
  - 4.2 Threshold of tolerance 17
  - 4.3 Safe harbours 17
  - Section B : Distinctions18
  - Chapter 1 : Direct and indirect prospecting18
  - Chapter 2 : Active and passive prospecting19
  - Part 3 : General overview of obstacles to financial cross-border activity21
  - Section A : Obstacles due to commercial law21
  - Section B : Obstacles due to licensing restrictions22
  - Chapter 1 : Licences restrictions on services22
  - 1.1. General principles 22
  - 1.2. Types of licenses 23
  - 1.3. Situation in the EU 24
  - Chapter 2 : Licences restrictions on products24
  - 2.1. General principles 24
  - 2.2. Situation in the EU 24
  - Section C : Obstacles due to investor protection24
  - Chapter 1 : EU and local rules on investor protection25
  - Chapter 2 : Applicability26
  - Section D : Obstacles due to consumer protection27
  - Chapter 1 : EU and local rules on consumer protection27
  - Chapter 2 : Applicability28
  - Section E : Obstacles due to exchange control rules29
  - Section F : Obstacles due to anti-money laundering rules30
  - Section G : Obstacles due to data protection rules31
  - Section H : Tax barriers32
  - Chapter 1 : Permanent establishment32
  - Chapter 2 : Tax reporting and withholding of tax at source33
  - Chapter 3 : Double taxation agreements33
  - Chapter 4 : Other tax barriers34
  - Part 4 : Duty to obtain a licence or registration in the EU35
  - Section A : Licence or registration requirement as an EU constraint35
  - Chapter 1 : EU licence regime for banking services35
  - 1.1 CRD IV - Taking deposits and funds from the public 36
  - 1.2 Other banking services 37
  - i. Mortgage loans 37
  - ii. Consumer credits 38
  - iii. Payment services 38
  - iv. Electronic money 39
  - 1.3 Summary 39
  - Chapter 2 : EU licence regime for investment services40
  - 2.1 MiFIR 40
  - 2.2 MiFID II 43
  - 2.3 Summary 45
  - Chapter 3 : EU registration and notification requirements for financial products45
  - 3.1 Prospectuses 46
  - 3.2 Alternative investment funds 46
  - 3.3 Undertakings for Collective Investments in Transferable Securities 47
  - 3.4 Other products 48
  - 3.5 Product intervention on EU level 49
  - 3.6 Additional aspects 50
  - Chapter 4 : Equivalence50
  - 4.1 Concept of equivalence 50
  - 4.2 Assessment procedure 52
  - 4.3 Conclusion 53
  - Section B : Licence or registration requirements at the national level54
  - Chapter 1 : Services subject to licensing54
  - 1.1 Banking services 54
  - 1.2 Investment services 55
  - 1.3 Other services 55
  - Chapter 2 : Authorisation aspects as regards financial products56
  - 2.1 Local private placement regimes 56
  - 2.2 Product intervention at local level 56
  - Chapter 3 : Tolerance thresholds for promotional activity57
  - 3.1 Triggering event for licensing 57
  - i. Advertising 57
  - ii. Approaching a prospect and presentation of the firm and its services 58
  - iii. Negotiation and signing of agreements 59
  - 3.2 Safe harbours 59
  - i. Quantitative thresholds 59
  - ii. Status of client or prospect 60
  - iii. Product placement 60
  - iv. Reverse solicitation 60
  - a. Recognition by the EU60
  - b. National recognition61
  - v. Cross-border licences 62
  - Conclusion65
Origine de la notice:
- Electre