The French financial regulators, the AMF and the ACPR, are joining forces to make the French market more attractive to UK-based financial firms after Brexit. For more detail, read our client alert below.
The French financial regulators, the AMF and the ACPR, are joining forces to make the French market more attractive to UK-based financial firms after Brexit.
In case of a ‘hard Brexit’, banks, investment firms, asset management firms and other financial businesses based in the City of London may lose the ‘passporting’ rights that currently allow them to conduct business anywhere in the EU.
Anticipating that such a scenario may force UK businesses to re-evaluate their presence across Europe, the AMF and the ACPR are working together to implement a set of measures aimed at simplifying and accelerating the existing French procedures for obtaining authorisation.
Simplified and accelerated authorisation for investment firms and payment services providers
As a result, the AMF and the ACPR have announced that investment firms, payment institutions, electronic money institutions and insurance firms who are under the supervision of the ACPR and wish to pursue their current activities in France, would be subject to a simplified and accelerated procedure for obtaining authorisation in France.
The accelerated procedure will allow English documentation previously submitted to the competent authority in the UK to be used for the purposes of an application to the French financial regulators.
Nominated English-speaking case managers
According to the ACPR press release, an English-speaking case manager will be assigned to each firm, to coordinate and supervise the accreditation process.
The case manager will also be able to assist and advise the business concerned in preparation for the authorisation process, and will provide all necessary information to ensure efficient processing of the request for authorisation.
Dedicated email address for Brexit queries
The ACPR has also created a dedicated email address – email@example.com – to allow investment firms, payment institutions, electronic money institutions and insurance firms to ask questions on any matter related to Brexit. The ACPR has committed to respond to queries without delay.
Quicker authorisation for management companies and FinTech companies
In addition, in order to attract management companies and FinTech companies to set up in France, the AMF recently created the “two-week ticket”. This is an accelerated procedure allowing these companies to obtain a ‘pre-approval decision’ within two weeks, following submission to the AMF of its initial FCA authorisation and the filing of a standard form.
The final authorisation granting access to the single market will be issued within two months, provided the conditions are met.
Finally, an English-speaking AMF case manager may be nominated to provide assistance during the authorisation process.
Client Alert 2017-042