The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement

UK Law: The Overseas Persons Carve-Out (Cont.) Current UK access regime for TCFs TCFs can navigate the general prohibition: • By establishing a UK subsidiary that obtains authorization and can exercise passport rights EEA-wide. By establishing a permanent place of business a UK branch - that obtains authorization. The branch will not benefit from passporting rights EEA-wide. • For cross-border business in the UK with UK clients and counterparties without any authorisation, by reliance on the overseas persons carve-out for particular services/activities carried on in the context of a "legitimate approach" or carried on "with or through" an authorized (or exempt) person. Morgan Lewis 64

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