IN THIS ISSUE:
- News and Calendar
- The Third Country Passport under MifIR – Panacea for Post Passport Pain?
- The Impact of Brexit on U.K. payment service providers
Lex et Brexit is our new fortnightly publication on Brexit developments. We will select emerging legal issues from the maze of Brexit-related debates and developments that we think are worth bringing to the attention of clients.
In this first edition, we have turned our attention to the critical “passporting” issue for financial services firms, and evaluate whether new arrangements under the Markets in Financial Instruments Regulation (“MiFIR”) might provide a partial solution to these concerns. We conclude that the value of these arrangements remains unclear and should not be relied upon as the panacea.
We then examine the impact of Brexit on London as a FinTech hub, focusing on the development of the regulatory regime for payment services – an area in need of clear guidance and reassurance from the U.K.’s regulatory authorities.