One reason why the EEA project is doomed is the bureaucracy.
The volume of paperwork required to passport is a good example.
The Single European Act signed in 1992 by Mrs Thatcher was designed to create a single market for EU goods and services.
This simply has not happened.
Some years ago you had to “notify to passport”.
But now the FCA talk about an “application” to passport.
If you’re in California, you don’t need to apply to anyone to sell in New York.
Worse still are the forms you require to passport your services into EEA.
- Branch passport - investment
- Cross border services passport (investment services and activities)
- Insurance Services branch passport
- Insurance services cross border passport. (Investment bonds are counted as insurance in some EEA States, but not all)
- Tied agent application to passport in relation to each of the above four.
- Facilitate the access to a platform passport.
The FCA recommends that due to mifid II that comes into place in January 2018, firms should also
- Submit branch notifications as soon as possible
- Submit services passport notifications before 2 December 2017
And if you want to do structured products then you will have to re apply to the FCA for this permission to be passported.
There is nothing very single or free about this marketplace. See more here http://ifac.eu/how-trade-eea