Firms that are authorised in a European Economic Area (EEA) state can carry out activities in any other EEA state in a process known as ‘passporting’.

Following the UK’s exit from the EU at 11pm on 31 January 2020, the UK entered the transition period agreed as part of the Withdrawal Agreement between the UK and EU. The transition period is due to end at 11pm on 31 December 2020. 

During the transition period EU law will continue to apply to the UK under the terms set out in the Withdrawal Agreement Act.

HM Treasury has legislated that passporting rights for EEA firms will continue for the duration of the transition period.

Until further notice, the PRA requests that all passport notifications in accordance with the Capital Requirements and Solvency II directives be submitted by email only to, and not sent by post.


A firm authorised in an EEA (European Economic Area) state can carry on activities that it has permission for in its home state and any other EEA state by either establishing a branch or agents in an EEA country or providing cross-border services. This is known as ‘passporting’. 

The activities that are 'passportable' are set out in the relevant EU single market directives. If a firm wishes to carry out activities that are not passportable under an EU single market directive, it must contact the relevant competent authority of the host state to determine whether direct authorisation is needed.

Passporting rights only apply within the EEA, so they do not, for example, apply in the Channel Islands or Isle of Man. Switzerland is not an EEA state, but Swiss general insurers have the right to set up an establishment in the EEA under special bilateral treaties between the EU and Switzerland. EEA general insurers also have equivalent rights in Switzerland under these treaties. Special arrangements also apply to Gibraltar.

Outward passporting

We are the lead regulator for outward passports for dual-regulated firms (firms regulated by both the Financial Conduct Authority (FCA) and the PRA) under these current single market directives:

  • Capital Requirements Directive (2013/36/EU)
  • Solvency II Directive (2009/138/EC)
  • Insurance Distribution Directive (EU 2016/97)
  • Markets in Financial Instruments Directive (2004/39/EC)

We will inform the FCA about all passport notifications. We do not charge for passporting services, but a fee may be levied by other host states.

Submitting outward passport notifications

Capital Requirement Directive (CRD)

Firms wishing to passport under CRD should notify us by using the relevant Annex in Commission Implementing Regulation (EU) No 926/2014 of 27 August 2014:

Capital Requirements Directive forms

UK firms exercising an EEA right derived from the CRD should also complete a Declaration Form:

PDFDeclaration form

As of 3 January 2018 the European Banking Authority (EBA) templates have not been updated to reflect the new MiFID II activity/financial instrument of:

  • Organised Trading Facility (A9) (OTFs)
  • the new financial instrument (C11) of emission allowances 

Credit institutions intending to passport outwards under the CRD for this activity and/or instrument type should complete the relevant Annex, and set out in the accompanying email to which activities they wish to notify, including:

  • OTFs – List of investment instruments (C1-C11)
  • Emissions Allowances - List of ‘Investment Services and Activities’ (A1-A9) and/or ‘Ancillary Services’ B1-B7 it intends to use

In respect of OTFs firms should also supply information relating to: 

  • the type of financial instruments traded on this platform
  • the type of trading participants to this platform
  • details of the appropriate arrangements in place to provide remote access to the platform 
  • the firm's marketing strategy to target remote users, members or participants in the host

Only this activity and investment types can be notified in this way and only as an interim measure until the EBA templates are updated.

Solvency II and Insurance Distribution Directive

If a regulated firm intends to passport out of the UK under Solvency II or the Insurance Distribution Directive it must inform us by using the following form/s and submitting them to

Branch notification form: for UK firms intending to establish their first branch in a particular EEA state, and UK firms that intend to notify us of changes to the details of a current branch.

PDFBranch notification form

Cross-border services notification form: for UK firms intending to provide cross-border services in another EEA state, and UK firms that are intending to notify us of changes to the details of their current cross-border services.

PDFCross-border services notification form


Firms wishing to passport under MiFID II should notify us by completing the relevant form in the MiFID II technical standards. Forms should be submitted to

MiFID II notification forms

UK firms exercising an EEA right derived from MiFID II should also complete a Declaration Form and submit it to

PDFDeclaration form

How we assess outward passporting firms

We will seek reassurance about the risks posed to our objectives by UK firms wishing to operate in the EEA. The depth of our review of a passporting notification will be proportionate to its impact on our objectives, the relevant EU directive and technical standards.

When we get an outward passporting notification from a UK firm, we will assess the adequacy of the firm’s resources and administrative structure. We will consider if the firm meets the requirements under the relevant directive. We may also assess whether significant individuals are fit and proper to carry out the proposed business.

Our powers in relation to outward passporting vary according to the relevant directive. However, we expect firms wishing to passport out of the UK to provide information to inform our ongoing supervision of the UK parent and the consolidated group.

Our timelines for processing outward passporting notifications are set out below:

Directive Timeframe to process/respond
Capital Requirements Directive Establishment: Three months
Services: One month
Solvency II Directive for life and non-life insurance business Establishment: Three months
Services: One month
Solvency II Directive for reinsurance business Services: One month
Insurance Distribution Directive Establishment: One month
Services: One month
Markets in Financial Instruments Directive (MiFID) Establishment: Three months
Services: One month

Changes to the original notification

Firms must tell us if they make any changes to the original notification details. For example, changes of branch address, management, organisational structure, or an amendment to the regulated activities (by selecting all the activities/classes of business the firm intends to carry out). This must be done before the change is implemented (unless caused by circumstances beyond the firm’s control), in accordance with the HM Treasury EEA Passport Rights Regulations (SI 2001/2511). 

Credit institutions passporting under CRD must notify us of any such changes using the relevant forms of Commission Implementing Regulation (EU) No 926/2014

Firms passporting under MiFID II must notify us of any such changes by using the relevant forms of Commission Implementing Regulation (EU) 2017/2382.

Firms should also complete the declaration form.

Insurance firms must notify us of such changes by completing the Solvency II and Insurance Distribution Branch and cross-border notification form. 

Notifications should be submitted by email to

We do not charge for any changes to your original notification. If a firm is changing its registered name or contact details, this should be done using the FCA Connect system. Firms are also required to email with details of the change as we are required to inform the relevant host state regulator.

Inward passporting

A firm from another EEA state can passport into the UK on either a ‘services’ basis (if it does not have a physical presence in the UK) or a ‘branch’ basis (if it opens an office in the UK). Either way, in most circumstances it will still be regulated by its home-state regulator.

EEA banks and insurers that currently have passporting rights into the UK from the EEA and wish to apply for authorisation from the PRA should refer to the dedicated webpages for information on the authorisation of EEA banks and insurers and the temporary permissions regime

Submitting inward passport notifications

The home state supervisor is responsible for informing the regulators of a firm’s intention to passport into the UK. Notices under the Capital Requirements Directive (CRD) (2013/36/EU) and the Solvency II Directive (2009/138/EC) should be directed to us. Notices under any other EEA directive should be directed to the FCA. The FCA is required to consult with us under certain circumstances, for example where there is a dual-regulated firm in the EEA firm’s immediate group.

Notifications should be submitted by email to

We do not charge for passporting services.

How we assess inward passporting firms

When we receive an inward passporting notification from an EEA supervisory authority, the depth of our review will be proportionate to the firm's potential impact on our objectives, the relevant EU directive and technical standard.

Our assessment will be based on the information provided by home state regulators and any subsequent information requests. This assessment is intended to inform the dialogue with the home state regulator and to prepare for supervision of the firm.

In some cases, we may judge that an EEA firm notifying us of its intention to passport into the UK poses risks to our objectives, but does meet the requirements set out by the relevant EU directives, and therefore has the right to conduct business in the UK. In such cases we will carefully consider the tools available to us as a host regulator, acting in cooperation with the home regulator, to mitigate the resulting risks.

Our timelines for processing inward passporting notifications are set out below:

Directive Timeframe to process/respond
Capital Requirements Directive Establishment: Two months
Services: One month
Solvency II Directive for life and non-life insurance business Establishment: Two months
Services: One month
Solvency II Directive for reinsurance business Establishment: Two month

Passporting FAQs


  • If there is a cross-border element to the activities carried on, or to be carried on in the future, by the firm, it needs to make a notification to its home state regulator that it wishes to passport, either by way of provision of cross-border services or by way of establishment of a branch and/or agents.

    A firm should seek its own legal advice if it unsure whether a cross-border element exists.

  • The PRA is the lead regulator in respect of all Single Market Directives for dual-regulated firms. We are also the lead regulator for designated investment firms. We are responsible for assessing these notifications in consultation with the FCA. Firms wishing to passport under the Capital Requirements Directive (CRD), Markets in Financial Instruments Directive (MiFID II), Insurance Distribution Directive (IDD), and the Solvency II Directive should submit the forms found on the Authorisations – Passporting page and in the PRA Rulebook.

  • EEA banks and insurers that currently have passporting rights into the UK from the EEA and wish to apply for authorisation from the PRA should refer to the dedicated webpages for information on the authorisation of EEA banks and insurers and the temporary permissions regime.

  • The PRA will be the lead regulator for firms passporting under the CRD and the Solvency II Directive. Inward passporting firms should contact their home state regulator if they intend to carry out business in the UK. The home state regulator will notify the PRA of the firm’s intention to conduct business in the UK. We will consult with the FCA and update the FS register.

    If a firm is passporting in under other Single Market directives, the FCA will be the lead regulator. 

  • An EEA firm or a Treaty firm has its head office in an EEA state other than the United Kingdom. EEA firms and Treaty firms are entitled to exercise both the right of establishment and the right to provide services under the Treaty. An EEA firm has the right to passport under a Single Market directive as long as these activities are included in its home state authorisation. A Treaty firm carries on the activities for which the right to carry on those activities does not fall within the scope of a Single Market directive.

  • There are 30 (not including the United Kingdom) EEA states with passporting rights: Austria, Belgium, Bulgaria, Croatia, Cyprus*, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. 

    *Cyprus - although the whole of Cyprus became part of the EU in May 2004, EU legislation only applies to the Republic of Cyprus (the Southern part of the island) and so passporting rights only exist in Southern Cyprus. 

    Channel Islands & Isle of Man - the Single Market directives do not apply in Jersey, Guernsey, and the Isle of Man even though they are Crown dependencies. This means that firms based in these territories are treated in the same way as firms based in a non-EEA state and do not have passporting rights under the Single Market directives. 

    Similarly, UK firms do not have passporting rights into the Channel Islands and the Isle of Man. UK firms will have to apply directly to the relevant financial regulator in each territory for permission to conduct business there. The PRA and FCA have no formal involvement in this process (although firms should keep the PRA and FCA informed of their activities).

    Gibraltar - Gibraltar has a different status to the Channel Islands and Isle of Man and the Single Market directives apply to it in full. The United Kingdom and Gibraltar have agreed special arrangements under the Gibraltar Order. UK firms intending to conduct business in Gibraltar should follow the same instructions for passporting in other EEA states.  We will then notify the Gibraltar regulator.

    Switzerland - Switzerland is not an EEA state therefore there are no passporting rights under any of the Single Market directives. That said EEA general insurers do have the right to set up an establishment in Switzerland (and vice versa) under the provisions of special bilateral treaties between the European Union and Switzerland. However, it is important to note that this is not a passport right – a Swiss general insurer will still need to obtain a Part 4A permission to set up a branch in the United Kingdom (although such a branch would not need an additional permission for insurance distribution).

  • This will be up to each individual firm to decide and a firm should consider its particular business model, including how it obtains its clients and whether there is a real intention to conduct business in a particular EEA state(s).

    Firms should be aware that they are likely to receive various requests for information from host state regulators in the EEA state(s) that they will need to deal with. They may also be charged a fee by the host state regulators.


  • Firms should apply for an establishment passport if they intend to hold a physical presence within the host state either through a local office or through a representative (tied agent or appointed representative).

    If the services are provided on a temporary basis (by remote means such as through the internet) and the recipient moves to another EEA state to receive the services, then this suggests a cross-border services arrangement and so a cross-border services passport is required.

  • Yes. The firm must submit the passport notification on behalf of the AR. An AR can only conduct regulated activities for which its principal has permission and it is permitted to carry on by the AR regulations.

  • No. A tied agent does not have the right to establish a branch in another EEA state. The MiFID investment firm or credit institution is able to appoint a tied agent located in another EEA state to do business on its behalf and where it does so the tied agent will benefit from its passport.

    If an EEA Authorised firm seeks to use a tied agent established in the United Kingdom it will be treated like an establishment passport.

  • Yes you do by way of establishing a branch or by providing cross-border services. No additional requirements need to be met before a firm can commence business in the EEA state.

    However, under Section 3 of Part III of the general protocol EIOPA-BoS-17/014, home state regulators have agreed to inform host state regulators if a pure reinsurer for which the home state is responsible for carries on business through a branch in the host state. A UK firm passporting reinsurance business under the Solvency II Directive should notify the PRA by submitting the relevant branch or services passport form and sending it to

  • If a person or firm established in the EEA seeks to carry out an activity in the United Kingdom that is outside the scope of the Single Market directive or where the activity is included in the scope of the Directive but not covered by the firm’s home state authorisation, it must seek a Part 4A permission from the PRA or the FCA. This is known as a top-up permission. See guidance on a Part 4A permission on the Authorisations - New firm authorisation page.

  • Yes. The Financial Services and Markets Act 2000 (Gibraltar) Order 2001 provides for UK firms to be treated as having the same EEA rights to establish a branch or provide cross border services into Gibraltar under any of the Single Market Directives. A firm authorised in Gibraltar under the order is also treated as an EEA firm and has rights to passport into other EEA states. Firms must comply with the notification procedures in order to exercise their right to passport.


  • No, all UK firms must notify either the PRA (if dual-regulated) or the FCA (if FCA-only regulated) if they wish to conduct business within another EEA state under any of the single market directives.

  • Yes.

    • Branches - If a UK firm wishes to establish a branch in another EEA state they should submit a passport notification for each EEA country.
    • Services - If a UK firm wishes to provide cross-border services into more than one EEA state, a single notification form may be submitted and each EEA state should be clearly identified.
    • MiFID II - An investment firm must submit a separate services notification for each EEA state.
  • Credit institutions wishing to undertake cross-border services in an EEA state should complete the relevant form found in the Commission Implementing Regulation (EU) No 926/2014. This form requires credit institutions to provide details of the activities they intend to carry out.

  • An establishment of a UK firm located in an EEA state can provide cross-border services into other EEA countries provided the head office has already made a services passport notification. The head office would have to make a further notification if it wished the establishment to provide services into countries for which it had not already made a notification.

    Firms should submit the relevant services notification form and in an accompanying email detail the branch address. 

    If the establishment does business on a cross-border basis back into the United Kingdom, no passport notification is required.

    The firm cannot make a passport notification to the PRA in respect of activities being carried on solely in the United Kingdom. Passporting notifications can only be made in respect of activities that are intended to be carried on within the territory of another EEA state.

  • Yes. Where a UK firm with a Part 4A permission intends to carry on both long-term and general insurance business and is passporting under one of the insurance directives and wishes to extend its general insurance business to include long-term insurance business (or vice versa) it should complete a new notice of intention and not a change in details for an existing passport.

  • Where the PRA is the appropriate UK regulator, it will consult the FCA before sending a proposed change notification.

  • When a change arises outside of the control of the firm, the firm should notify the appropriate UK regulator and the host state regulator stating the details of the change as soon as is reasonably practicable.

  • How we use your information

    Information we collect

    Through our authorisations forms, the Bank of England (the ‘Bank’) collects personal data about you. This personal data could include (depending on the application or notification form submitted) personal identification details, contact information, addresses, employment history and information relating to fitness and propriety such as criminal, civil and regulatory matters. Each form clearly states what personal data is being gathered. The Bank may make further enquiries and seek similar information from third parties and other data sources as we think appropriate to identify and verify information that we consider relevant to the application or notification, this could include criminal, credit and other background checks.                                                                                               

    Why we need your personal data

    The Bank collects personal data to process a range of authorisation applications and notifications, which include:

    • New firm authorisations
    • Senior Management Functions
    • Waivers and Modifications of rules
    • Variations and cancelling of Permissions
    • Change in Control
    • Standing Data
    • Passporting

    This information is used to assist the Bank of England in discharging its functions, in particular the statutory functions of the Prudential Regulation Authority under the Financial Services and Markets Act 2000 and other relevant legislation.

    What we do with your personal data

    In complying with applicable laws and for law enforcement purposes, we may disclose information to any government entity, regulatory authority or to any other person the Bank reasonably considers necessary. This may mean that personal data is transferred outside the European Economic Area. Otherwise, we will not disclose your information without your permission. Your personal data will be retained in accordance with the Bank’s records management schedule. 

    Your rights

    You have a number of rights under data protection laws.  For example, you have the right to ask us for a copy of the personal data the Bank holds about you. You can also ask us to change how we process or deal with your personal data, and you may have the right in some circumstances to have your personal data amended or deleted. To contact us about those rights, including making a request for the personal data we hold about you, or to find out more about privacy and data protection at the Bank, please see the Privacy and the Bank of England page.

This page was last updated 25 June 2020

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