Passporting: Difference between revisions
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imported>Doug Williamson (Add quote from The Treasurer March 2017, p12.) |
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''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.'' | |||
Revision as of 10:48, 13 March 2017
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.
