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...