The relationship between the EU and the UK post-Brexit: the example of banks

Brexit has disrupted the financial markets in Europe. With the expiry of the Withdrawal Agreement by the end of 2020, important advantages for banks established in the EU are now excluded for British banks, e.g. the EU passporting regime, fleshing out the principle of single authorisation. The Trade and Cooperation Agreement concluded between the EU and the UK does not grant British banks privileged access to the internal market. They now qualify as third country banks and need to apply for a specific authorisation from the EU and national supervisory authorities to operate on the internal market. But also banks established in the EU are confronted with new hurdles if they want to access the market in the UK. These new constellations create a number of intricate legal questions which shall be presented and analysed with a view to EU and British law, and with a view to the EU-UK Trade and Cooperation Agreement.