Brexit – Ireland as a location for Regulated Financial Service Providers

The outcome of the 23 June Referendum has raised a host of questions on what will happen next following the UK’s decision to exit from the EU. One major concern for UK regulated financial service providers (“RFSPs”) is the ongoing uncertainty in relation to the continuation of the financial services passporting regime currently enjoyed by UK RFSPs throughout the EU/EEA.

While the full implications of Brexit will depend on subsequent negotiations between the EU and UK, some UK RFSPs, particularly those which require continued guaranteed and unfettered access to EU/EEA markets, are now likely to consider investigating the possibility of moving their operations from the UK to elsewhere in the EU.

As a common law and English speaking jurisdiction with an educated workforce and developed financial services sector that is attractive on tax grounds, Ireland will be seen by many RFSPs as a natural venue to consider in the event it is necessary to establish operations outside the UK post-Brexit.

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