France’s investment fund regulator has launched an express approval process for British fund outfits.
The initiative aims to attract UK firms who may need to relocate inside the EU, if London loses its passport to provide financial services across Europe following Brexit.
The Autorité des Marchés Financiers has promised initial approval in less than a fortnight to companies that are already properly licensed by the UK regulator.
Under the “2WeekTicket” programme, asset “management firms and fintech companies can supply an authorisation from the Financial Conduct Authority and fill out a standardised form from the AMF to receive ‘pre-authorisation’ in just two weeks,” the AMF said in a news release on Wednesday.
“The notice will certify that the companies are believed to meet the conditions for receiving a definitive authorisation. It will allow them to get a head start on the work of opening new offices, such as searching for a suitable location. The authorisation giving access to the European passport will be issued two months later, provided of course that the applicant meets all of the requirements,” the agency stated.
The AMF also promised “access to English-speaking ‘coaches’”, who will provide assistance starting from the application through six months after approval. If needed, “a single contact point” at both the AMF and the French Prudential Supervision and Resolution Authority (ACPR), which regulates banks and insurers, will be named.