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.

If you have any questions regarding the matters covered in this publication, please reach out to any of the lawyers listed below or your usual Davis Polk contact.

This communication, which we believe may be of interest to our clients and friends of the firm, is for general information only. It is not a full analysis of the matters presented and should not be relied upon as legal advice. This may be considered attorney advertising in some jurisdictions. Please refer to the firm's privacy notice for further details.

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