The term "Banking and ecanomic passporting rights" means:
- The EU passport is a legal mechanism that permits the exercise of the right for a firm or financial services companies registered in the European Economic Area (EEA) to do business in any other EEA state without further authorization. The UK banks' passporting rights may cease after Brexit due to both legal reasons and spiteful politicians on both sides.
- Sources:https://www.ft.com/content/61221dd4-d8c4-11e6-944b-e7eb37a6aa8e, https://www.bbc.co.uk/news/av/uk-politics-42199601/london-banks-and-passporting-rights-after-brexit, http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/587369/IPOL_BRI(2016)587369_EN.pdf, https://marketbusinessnews.com/financial-glossary/passporting-definition-meaning/, https://www.investopedia.com/terms/p/passporting.asp, http://fortune.com/2016/09/19/uk-banks-passporting-rights/, https://www.investopedia.com/terms/p/passporting.asp, https://www.ft.com/content/61221dd4-d8c4-11e6-944b-e7eb37a6aa8e.
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