3 April 2017
By Rachel Kent and Dominic Hill
Does CETA provide a workable model for market access in the financial services industry? At the risk of spoiling the plot: no, not really. What does the industry mean when it says it wants market access?
The IRSG/CityUK Report on Third Country Regimes and other Alternatives to Passporting noted the UK Government's desire to seek as much mutual access in financial services as possible. Given that the UK Government has also rejected the option of EEA membership, passporting – at least in its current form – is off the agenda. The Report concluded that, in this case, a bespoke mutual access deal providing something as close as possible to passporting is the optimal solution.
Jurisdictions: United Kingdom