Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

SEC definition

What does SEC mean? In legal practice, SEC means the US securities and exchange commission, the federal regulator of US securities markets and enforcer of federal securities laws. Created under the US Securities Exchange Act of 1934, and administering the Securities Act of 1933 among other statutes, the term is a descriptive shorthand in UK and Irish practice for that authority. The SEC is engaged when UK or Irish issuers, shareholders, banks or advisers access US capital markets, including registered offerings, Rule 144A/Regulation S transactions, US listings/ADRs on NYSE or Nasdaq, and mergers with a US securities element. Its regime drives registration, disclosure...

UK–EU post‑Brexit financial services market access: loss of passporting, third‑country status, equivalence and alternatives (MiFID II, AIFMD, Solvency II, CRD/CRR) — as at 18 May 2021

Published by a LexisNexis Financial Services expert

Practice notes

The Practice Note sets out the law as it stood before 18 May 2021. It summarises the post‑Brexit challenges for UK financial institutions that previously accessed EU markets through Passporting rights. It also examines the UK’s position as a third country (a jurisdiction outside the European Economic Area (EEA)), equivalence considerations, and the UK’s post‑Brexit status for financial services firms.

Brexit and financial services

This note outlines the issues encountered by UK firms that formerly conducted business across the EU via passporting and the implications arising from the loss of those rights. This Practice Note sits within a suite of key notes on Brexit and financial services. Other guides include the following:

Brexit—Financial Services—overview
Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime [Archived]
Brexit—impact on financial services [Archived]
Brexit and financial services—the temporary permissions regime (TPR) [Archived]

At the end of March 2021, the UK and EU agreed a Memorandum of Understanding under the EU‑UK Trade and Cooperation Agreement. Its purpose is to establish a framework for continued regulatory co‑operation and dialogue on financial services...

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Web page updated on 22/05/2026

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