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Last-Minute Brexit Preparations For EU Financial Firms

Law360 (December 18, 2018, 2:33 PM EST) -- At 11 p.m. on March 29, 2019, the United Kingdom will leave the European Union. The repercussions of a vote to leave the EU may not have been well understood in June of 2016, but since the referendum a dizzying number of complications have come into focus, particularly where the financial services industry is concerned.

EU membership provided the U.K. access to the single market, comprised of its respective member states, via passporting rights, which permit a financial services institution established in an EU member state to “passport” its license and operate in all other member states. The loss of passporting...

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