Brexit Stakes for Banks Shown in Single-Market Passport Data

Brexit Stakes for Banks Shown in Single-Market Passport Data

By John Glover
September 20, 2016, Bloomberg

About 13,500 financial firms do business into and out of the U.K. under European Union passporting rules, underlining the significance of Britain’s access to the single market for companies on both sides of the Brexit divide.

Andrew Bailey, chief executive officer of the Financial Conduct Authority, said 5,476 firms authorized in the U.K. use so-called passports in E.U. law to sell services via branches or cross-border without a branch in other countries of the bloc. A total of 8,008 firms authorized in other E.U. states do business in the U.K. under these rules, Bailey wrote in a letter to Andrew Tyrie, chairman of Parliament’s Treasury Committee.

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