Passport to the Regulators considers post-Brexit scenarios

The United Kingdom’s Emerging Payments Association (EPA) is bringing together seven representatives from across the European Union to discuss possible regulation should regulatory passporting not occur post-Brexit.

Passport to the Regulators takes place Oct. 3 at K&L Gates, St. Pauls, London, and features regulators from Cyprus, Denmark, Malta, Lithuania, Luxembourg and Spain, along with a representative from the Irish Development Agency. It builds on Passport to the Future, an analysis of 15 countries that produced six viable options for companies seeking authorization in a post-Brexit EEA.

“Whilst the EPA fully supports and hopes the UK government addresses successfully the issue of passporting, our members and the wider fintech community need to start exploring options,” EPA director general Tony Craddock said. “This event provides the unique opportunity to tap into the insight of some of Europe’s most innovative regulators, who will present the process, options, costs and timelines for obtaining licences within their jurisdiction.

“Attendees will have a unique opportunity to ask regulators burning questions about their specific situation, compare ‘Home State’ options and take the first steps in identifying the right future home market regulator.”

The event should help clarify a confusing situation, EPA ambassador David Parker said.

“Uncertainty abounds whenever Brexit is mentioned in relation to business. Although negotiations between the UK and the EU have begun, we are still some way off clarification on how passporting rights will be affected.

“For fintech companies that need to be regulated across Europe they need to start considering options now. The process to become regulated in some markets can take up to a year.   We want to help them identify and plan alternative Home State licences that will enable them to proceed with greater confidence in the years ahead.”