Passporting: Difference between revisions
From ACT Wiki
Jump to navigationJump to search
imported>Doug Williamson (Create the page. PRA webpage http://www.bankofengland.co.uk/pra/Pages/authorisations/passporting/default.aspx) |
imported>Doug Williamson (Classify page.) |
||
| (2 intermediate revisions by the same user not shown) | |||
| Line 1: | Line 1: | ||
''European Economic Area (EEA) - financial services | ''European Economic Area (EEA) - financial services and other commercial activities'' | ||
Passporting is the right of financial services firms in the EEA to carry on permitted activities in other EEA states. | Passporting is the right of financial services firms in the EEA to carry on permitted activities in other EEA states. | ||
Notification to - and approval by - the regulator are required for both inward and outward passporting. | Notification to - and approval by - the regulator are required for both inward and outward passporting. | ||
<span style="color:#4B0082">'''''Equivalence and passporting'''''</span> | |||
:"In brief, equivalence is the willingness of one regulator to accept that another regulator's rules achieve the same regulatory outcomes as their own, and so some element of cross-border activity can be allowed. | |||
:Equivalence must be agreed, but is subject to negotiation, market by market. | |||
:Passporting is the acceptance that once permitted to trade in one state, a business can trade in another without further compliance requirements. | |||
:For those within the European Economic Area (EEA), it is easy to forget that the principle of passporting applies beyond the much publicised world of financial services (FS)." | |||
:''The Treasurer magazine, March 2017, p12 - Technical briefing.'' | |||
== See also == | == See also == | ||
* [[Brexit]] | * [[Brexit]] | ||
* [[Equivalence]] | |||
* [[European Economic Area]] | * [[European Economic Area]] | ||
* [[European Union ]] | * [[European Union ]] | ||
| Line 14: | Line 28: | ||
* [[Schengen Area]] | * [[Schengen Area]] | ||
* [[Single Market]] | * [[Single Market]] | ||
[[Category:Accounting,_tax_and_regulation]] | |||
[[Category:The_business_context]] | |||
Latest revision as of 23:25, 23 October 2019
European Economic Area (EEA) - financial services and other commercial activities
Passporting is the right of financial services firms in the EEA to carry on permitted activities in other EEA states.
Notification to - and approval by - the regulator are required for both inward and outward passporting.
Equivalence and passporting
- "In brief, equivalence is the willingness of one regulator to accept that another regulator's rules achieve the same regulatory outcomes as their own, and so some element of cross-border activity can be allowed.
- Equivalence must be agreed, but is subject to negotiation, market by market.
- Passporting is the acceptance that once permitted to trade in one state, a business can trade in another without further compliance requirements.
- For those within the European Economic Area (EEA), it is easy to forget that the principle of passporting applies beyond the much publicised world of financial services (FS)."
- The Treasurer magazine, March 2017, p12 - Technical briefing.
