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Transitional solution for continued access to investment services following Brexit
Under a proposal referred by the Ministry of Finance today, the Swedish Government should be able to issue regulations prescribing that companies domiciled outside the EEA can be exempted – for a certain period of time – from the requirement to hold a licence from Finansinspektionen (the Swedish Financial Supervisory Authority) to provide investment services.
It is proposed that, during a transitional period following the UK’s withdrawal from the EU, investment firms domiciled in the UK should be allowed to continue providing services to professional clients with whom they entered into agreements prior to Brexit.
The aim of the proposal is to eliminate the risk of interrupted access to the necessary financial services to handle derivative contracts entered into by Swedish businesses with a counterpart in the UK.
The proposal will only be relevant if the UK leaves the EU without an agreement in place on transitional arrangements between the parties.