Michael Born, Roberto Cristofolini, Floortje Nagelkerke, Donnacha O’ConnorFrom: Brexit and Financial Regulation
Edited By: Jonathan Herbst, Simon Lovegrove
This chapter provides an overview of the approach to authorisation taken by the German, French, Dutch, and Irish regulators, highlighting any divergences in approach set out by the EU institutions. Germany is one of the major destinations for UK entities relocating European-facing parts of their business activities in connection with their Brexit contingency measures. The German authorities have provided administrative guidance to entities in UK groups that intend to locate to Germany. However, the UK will become a third country following Brexit. Against this background, in order to protect the functioning and stability of the financial markets, Germany has introduced certain national transitional periods before the third country regime fully applies. Meanwhile, France has not put in place contingency measures such as a national transitional regime for UK credit institutions and investment firms. After exit day, UK credit institutions and investment firms will be subject to the standard regime applicable in France to non-European Economic Area firms. The chapter then considers the Dutch Brexit Act and the Brexit contingency planning in Ireland.