imported>Doug Williamson |
imported>Doug Williamson |
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| ''European Economic Area (EEA) - financial services and other commercial activities''
| | A non-bank financial intermediary. |
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| Passporting is the right of financial services firms in the EEA to carry on permitted activities in other EEA states.
| | That is to say, an institution in that part of the financial system that extends credit but is outside the regular banking sector. |
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| Notification to - and approval by - the regulator are required for both inward and outward passporting.
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| <span style="color:#4B0082">'''''Equivalence and passporting'''''</span>
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| :"In brief, equivalence is the willingness of one regulator to accept that another regulator's rules achieve the same regulatory outcomes as their own, and so some element of cross-border activity can be allowed.
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| :Equivalence must be agreed, but is subject to negotiation, market by market.
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| :Passporting is the acceptance that once permitted to trade in one state, a business can trade in another without further compliance requirements.
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| :For those within the European Economic Area (EEA), it is easy to forget that the principle of passporting applies beyond the much publicised world of financial services (FS)."
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| :''The Treasurer magazine, March 2017, p12 - Technical briefing.''
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| == See also == | | == See also == |
| * [[Brexit]]
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| * [[Equivalence]]
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| * [[European Economic Area]]
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| * [[European Union ]]
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| * [[Free movement of labour]]
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| * [[Prudential Regulation Authority]]
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| * [[Schengen Area]]
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| * [[Single Market]]
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| [[Category:Accounting,_tax_and_regulation]] | | * [[Shadow banking]] |
| [[Category:The_business_context]] | | * [[Bank]] |
| | * [[Putting a limit on losses]] |
