Brexit Solutions
The 1 January 2021, the UK has left the European Union after 48 years of membership. Whilst no one knows what the future relationship between both parties will look like, there is one certainty: financial services are not part of the EU-UK Trade and Cooperation Agreement signed by both parties at the end of 2020. The UK is now a “Third Country” for the purpose of EU financial regulatory frameworks.
The first and most important consequence is that the freedom for UK authorised investment firms and/or credit institutions to provide investment services or carrying out activities through the EEA without having to be authorised locally (“passporting”) has ceased to be available. EEA firms that have entered the TPR may continue carrying-out activities whilst seeking to be authorised by the FCA and/or the PRA, others need to ceased their activities in the UK.
Deontea Ltd, having operations and clients on both sides of the Channel has organised itself and its network to respond to this new situation. It has gathered the best and most effective teams of professionals (ex-regulators) as well as partnering with specialised renown corporate services and accounting firms to offer a comprehensive solution for UK firms wishing to maintain business across the Channel and serve their EU clients as well as for EEA firms keeping operating in the UK.
Our solutions
1. We are offering firms services to establish a second base in the EU or in the UK as relevant; to obtain a suitable authorisation and comply with all applicable regulatory requirements, while maintaining the highest level of operating standards;
2. We are offering to leverage on your existing operations and create a truly integrated cross-border operations with a single rule book for all entities; and
3. We are offering to support you during the first months of your new operations, or permanently by providing tailored support in all regulatory related matters.
You need to know
UK
UK FCA/PRA have opted to provide EEA Firms with a transition period of up to three years that will allow for a progressive registration/authorisation process in order to minimise as much as possible any disruption. The new regime is not a continuation of the previous situation as Firms have to comply with a number of new requirements (e.g. reporting) but is meant at facilitating the transition. Contact us to learn about the process and how we can support you.France
The Prudential Supervisory Authority and Resolution Authority, (the “ACPR”) and the Autorité des Marchés Financiers, the (“AMF”), to welcome UK Firms wishing to establish operations in France, have adopted a fast-track and simplified authorisation procedure as part of their Brexit measures. Firms are able to use all or part of their existing documentation drafted in English and applicants are assigned an English speaking referent officer to lead the procedure. Contact us to learn about the process and how we can support you.Luxembourg and other EU National Competent Authorities
Most National Competent Authorities, including Luxembourg have organised themselves to welcome UK firms wishing to request an authorisation: hence, none has adopted a UK similar facility and therefore UK firms may either rely on country specific national rules if any available (limited to provide services in that country) or cease their activities until they are granted an adequate authorisation. Contact us to learn about the process and how we can support youContact us if you want to learn more about our comprehensive offer. You may also find additional elements on our page Brexit Questions. Brexit is a great opportunity to develop your business further and conquer new markets across Europe.
