passporting News

UK Marine Insurer Steamship Mutual Chooses Netherlands for Post-Brexit HQ

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. “We are about to apply for a license to establish …

UK Supports Post-Brexit Mutual Recognition System for London’s Financial Services

Britain’s government is ready to push for the kind of Brexit plan for financial services that the City of London has long favored, but which has already run into opposition in Brussels, two government officials said on Friday. London is …

EU Will Not Offer Post-Brexit Passporting for UK Insurers, Banks: Diplomats

European Union negotiators see no room for discussion with Britain on maintaining “passport” access to EU financial markets for its banks after Brexit, but they are willing to look at free trade in the sector, diplomats said. Speaking after EU …

UK Government Hit for Failing to Publish Brexit Position Paper on Financial Services

Business leaders have criticized Britain’s government for its failure to publish a long-delayed paper on the future of its financial services industry after Brexit. Senior financiers say they were told after the summer that the government would issue a position …

Luxembourg Sees No Reason to Change EU ‘Delegation’ Rules After Brexit

Luxembourg’s finance minister Pierre Gramegna said on Friday the European Commission should stick to the current rules that allow funds managed in London to be domiciled and regulated in another country. His comments pit the tiny and wealthy country against …

London’s Brexit-Related Job Losses Will Be Fewer Than 1st Feared: Policy Chief

Britain’s vast financial services industry will suffer far fewer job losses from Brexit than first feared, the City of London’s policy chief told Reuters, in remarks that will boost supporters of leaving the EU who say the threat has been …

EU Will Reap Benefits of London Staying Strong Financial Hub After Brexit: Opinion

Last week, the U.K. government asked German business leaders for help in securing a good deal with the European Union on financial services. The request deserves to be taken seriously. Europe’s businesses have much to gain from keeping London as …

Here Are Some Post-Brexit Scenarios Being Discussed for UK Financial Services

A stand-off between Britain and the European Union over the future of London’s vast financial services industry is shaping up as one of the key Brexit battlegrounds of this year. EU trade negotiator Michel Barnier has said there will be …

CNA Hardy Names Middleton as CEO of Post-Brexit EU HQ in Luxembourg

CNA Hardy, a specialist commercial insurance provider for clients within the Lloyd’s and company markets, has appointed Stuart Middleton as CEO of its Luxembourg subsidiary, subject to regulatory approval. The company set up a subsidiary in Luxembourg as its post-Brexit …

Failure to Agree on Brexit Deal Could Jeopardize 500,000 UK Jobs: Study

What would happen if the U.K. leaves the European Union in March 2019 with no deal on the single market, customs union or transition arrangements? London Mayor Sadiq Khan commissioned a study and the answer was half a million fewer …