MiFID Tied Agents. Weighing Your Options to Access the EU Single Market
2021 started on a better note for many. Some of the old issues, like the uncertainty surrounding Brexit, was left behind in 2020 for good. A long-awaited trade deal was struck between the UK and the EU just by the end of the year, making of hard Brexit just a phantom from the past. The regained sovereignty of the UK over its lands, waters, courts and laws, doesn’t come without a price and terminating the membership to the EU club will have consequences. These will be felt particularly hard in the sector of financial services, which make up for the biggest exporting service sector in the UK.
The loss of passporting rights in Europe for UK investment firms and financial service providers does not mean tout court though that Europe is closed to international business and that no other avenues for cross border access to the single market in Europe are available. Limiting the scope to the provision of investment and financial services, we will briefly look at the alternatives to the passport for UK providers willing to maintain exposure to EU domiciled clients