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ARTICLE · 15 JANUARY 2021

EU Regulator Warning On Post-Brexit Financial Services EU Access Exemptions

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The European Securities and Markets Association has published a statement on reverse solicitation of clients by third country firms following Brexit and the end of the UK

European UnionFinance and Banking
Stephen Carty
Stephen Carty
Philip Keegan
Philip Keegan
Alison Gibney
Alison Gibney
Lorna Smith
Lorna Smith
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The European Securities and Markets Association has published a statement on reverse solicitation of clients by third country firms following Brexit and the end of the UK transition period on 31 December 2020. Its statement reminds firms of the MiFID II requirements on the provision of investment services to retail or professional clients by firms not established or situated in the EU.

The European Securities and Markets Association ("ESMA") has published a statement on reverse solicitation of clients by third country firms following Brexit and the end of the UK transition period on 31 December 2020. 

It has identified what it calls "questionable practices" by firms in this regard, for example, using general clauses or online pop-up "I agree" boxes in terms and conditions requiring clients to agree that services are provided at the exclusive initiative of the client.  Notably ESMA highlights recital 111 of MiFID II which states "where a third-country firm

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