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The underwriting and placement passport and Brexit

Author

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  • Banwo, Adedayo

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.

Suggested Citation

  • Banwo, Adedayo, 2019. "The underwriting and placement passport and Brexit," Journal of Financial Compliance, Henry Stewart Publications, vol. 2(3), pages 253-270, March.
    • Handle: RePEc:aza:jfc000:y:2019:v:2:i:3:p:253-270
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    More about this item

    Keywords

    Brexit; underwriting and placing; MIFID II; securities; cross border; regulation;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • K2 - Law and Economics - - Regulation and Business Law

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