Understanding your exposure
Brexit will have far-reaching consequences for companies in the financial sector.
On 29 March 2017, the UK government invoked Article 50 of the Treaty on European Union, providing formal notification of the UK's desire to leave the EU. When the UK leaves the EU on 29 March 2019 this will have far-reaching consequences for companies in the financial sector.
We believe that Brexit is going to have serious implications for financial institutions on both sides of the UK/EU split if there is no provision made within the exit terms to allow some form of mutual market access. While the issue is most acutely felt by UK financials (and non-EU financials in the UK), with a need to secure an EU platform in order to retain passporting rights, European financial institutions that access the UK through a branch or on a freedom of services basis also need to consider their ability to continue servicing their UK client base post Brexit.
If you are considering relocating to the Netherlands, you may have the following questions:
If you are a Dutch (or EU based) financial institution, you may have the following questions:
We realise that the exposure to Brexit varies per financial institution. Whether risk or opportunity, KPMG can help you assess the impact. KPMG in the Netherlands has over 500 Financial Services (FS) professionals (Audit, Advisory and Tax) and is connected to our global network of member firms. Our dedicated FS team consists of many industry specialists, former DNB- and tax authority staff.
Please contact Cuno van Diepen, director KPMG Advisory and NL Brexit coordinator for financial institutions, for more information: +31 (0)6 5120 5444.
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