The Unibanco Letters - Dual-Hatting Regulations and Global Enforcement
UK Law: What's Next? – MIFID 2 – New TCF
Access Regime (Cont.)
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A TCF registered with the European Securities and Markets Authority (ESMA)
from an equivalent third country may provide cross-border investment services to
wholesale clients EEA-wide without being required to establish a branch
anywhere in the EEA
If a negative decision - existing national regime, whether liberal or restrictive -
continues to apply until a positive decision by the European Commission:
• ESMA must register a TCF that has applied only where the following conditions
are met:
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The European Commission has adopted an equivalence decision re: that third country
(focusing on prudential and business conduct requirements) and the third country
must also provide reciprocal access to its market
The TCF is authorized in the jurisdiction where its head office is established to offer
the investment services to be provided in the EEA and it is subject to effective
supervision and enforcement ensuring full compliance with the requirements
applicable in that third country
Morgan Lewis
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