There are more articles in the Spanish version.

Spanish Securities and Exchange Commission’s “Welcome to Spain” program

27/02/2017

The United Kingdom’s ("UK") decision to leave the European Union (the "EU") (the so-called Brexit) may imply that the UK-based financial institutions are excluded from the common legal system and, particularly for the purposes of this note, are no longer able to operate under the so-called "EU passport" which enables to carry out some or all of their activities in other EU Member States.

The "Welcome to Spain" Program (the "Welcome Program") published by the Spanish Securities and Exchange Commission (the “CNMV”) on its website arises from this Brexit context to (i) define a more international profile of that body and, primarily, (ii) facilitate and expedite the welcoming of investment firms and other UK-based financial institutions wishing to transfer their business to Spain in order to continue operating under the EU passport mechanism.

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