London falling? Alternative jurisdictions vie for contention

Many of the 56,000 firms regulated by the UK’s Financial Conduct Authority will be wondering if they need to change location and main regulator after Brexit. Frankfurt and Paris are among the leading alternatives for the large players, and Malta is an interesting option for smaller entities. Neasa MacErlean provides a short guide.

If London retains full European Union passporting rights then fewer firms will be affected. But a messier conclusion could require fast action to get set up elsewhere before Britain leaves. “The sooner you apply for authorisation the better,” says financial services consultant Joe Egerton, who runs Ignacity. “It takes a while to get set up and you will need more than a brass plate – especially if you want to become a pan-EU plc, an SE or Societas Europaea.”