YOUR
Search

    20.12.2020

    Brexit - BaFin on the End of EU Passporting for UK Enterprises


    Investment firms and asset management companies domiciled in the United Kingdom will no longer be allowed to operate on the German market on the basis of the European passport after the expiry of the Brexit transition period on 31 December 2020. The same applies to their branches in Germany. These companies will be treated as third-country enterprises after the end of the transitional period. This was announced by the German Federal Financial Supervisory Authority (BaFin) in two information letters on its website on 9 December 2020. Without a licence, these enterprises will in any case be prohibited from doing business with new customers in the future, whereby, according to BaFin, there may also be effects on existing customer relationships.

     

    In order to continue operating on the German market, investment firms and asset management companies domiciled in the United Kingdom will henceforth require a licence from BaFin or another supervisory authority of a member state of the European Economic Area (EEA). However, a prerequisite for the granting of such a licence is that the enterprise has its registered office in a member state of the EEA.

     

    Joel F. Schaaf

     

    Dr. Christoph Schmitt

     

    ADVANT Beiten Advises Banyan Software on Acquisition of FoxInsights
    Freiburg, 10 February 2025 - The international law firm ADVANT Beiten has provid…
    Read more
    Football and Law - Episode 2: Football clubs and cooperatives
    Cooperatives are usually found in the areas of finance, housing and agriculture.…
    Read more
    Football and Law - Episode 1: SUPER LEAGUE = SUPER LITIGATION
    Football competitions are a billion-dollar business. And they are getting bigger…
    Read more
    Admissibility of Termination Clauses as Vesting Schedules in Start-ups
    In start-up financing, termination clauses may be effective which stipulate that…
    Read more
    Why we (in particular the management) need to continue to take the German LkSG seriously and how it (also) relates to the pending implementation of the CSRD
    The German Supply Chain Due Diligence Act (Lieferkettensorgfaltspflichtengesetz,…
    Read more
    New: The Regulation on the prohibition of products made with forced labour ("Forced Labour Regulation")
    On 19.11.2024, after the European Parliament, the Council of the European Union …
    Read more
    ADVANT Beiten Advises Shareholders of HECHT Contactlinsen GmbH on Sale of their Shares to Novum Capital
    Freiburg, 21 November 2024 – The international law firm ADVANT Beiten has provid…
    Read more
    ADVANT Beiten Advises the Publishing Group Herder Verlag on Acquisition of History Magazines from Roularta Media Group
    Freiburg, 7 November 2024 – The international law firm ADVANT Beiten has provide…
    Read more
    Powers of Attorney for Commercial Register Applications - Requirements and Handling Responses from the Registration Court
    If a managing director and an authorised signatory (a Prokurist) each grant a po…
    Read more