Financial Law partner Frans van der Eerden was interviewed by het Advocatenblad about the implications of Brexit for financial institutions.
"After Brexit, financial institutions with a UK license only can no longer offer the majority of financial services throughout the EU. In order to obtain a European passport, they should have a branch office with sufficient substance in one of the member states and a license from the local regulator" says Frans.
Depending on the type of service, a small European branch with three directors and three fulltime employees can provide sufficient substance, says Frans, but he has been involved in setting up branches of about twenty people as well. The article notes that Amsterdam is in the top-5 of European cities "Amsterdam is particularly successful in attracting trading platforms and fintechs, parties involved in electronic payment transactions". And he expects that more companies, from the UK but also from other countries, may well follow. Also because regulators in other member states sometimes change their rules along the way, says Frans. "The Dutch regulator is strict, but at least they're clear".
Read the full article (in Dutch) here.