The underwriting and placement passport and Brexit

Adedayo Banwo

Journal of Financial Compliance, 2019, vol. 2, issue 3, 253-270

Abstract: The importance of the UK and London as a financial centre and the cross-border nature of underwriting services and the lack of national regulation means Brexit will be a difficult challenge for regulators and market participants, both within Europe and other third-country financial centres. Investment services (6) and (7) in the Markets in Financial Instruments Directive (MIFID) are a creation of the European single market. Outside of the passported context, these combined services are regulated separately or within more broad definitions. As combined services, they are not regulated on a cross-border basis within Europe. This paper summarises the history of the European passport for underwriting and placing services, the challenges in how it is regulated on a cross-border basis and offers ideas on how they can be addressed.

Keywords: Brexit; underwriting and placing; MIFID II; securities; cross border; regulation (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2019:v:2:i:3:p:253-270

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