Concept of passporting within the financial sector of the European Union and possible alternatives for third countries

Abstract

This thesis addresses the European single market of financial services which operates on the basis of principles of mutual recognition and home state control, for which the financial sector frequently uses the concepts of “European passport” or “passporting”. The European passport allows financial institutions licensed in one member state (home member state) to provide its services throughout the European single market without additional licensing procedures and/or prudential supervision imposed by the member state in which the financial institution provides its cross-border services (host member state).