UK and EU banks' passport rights to provide cross-border services between the UK and EU end on 31 December 2020. This briefing discusses how the EU regime for cross-border services under the Markets in Financial Instruments Regulation (MiFIR) operates and the implications for UK firms if the European Commission makes an equivalence decision in respect of the UK under MiFIR, including the impact of the changes to the MiFIR regime applying from June 2021. It also discusses the implications for EU firms if the UK makes a corresponding equivalence decision in respect of the EU under the ?onshored? MiFIR as it forms part of UK law after the end of the Brexit transition period.

The briefing was prepared in collaboration with Clifford Chance.