Barnier Says Brexit Means Banks Lose EU Passporting

The video discusses Brexit, emphasizing that it means Brexit and its implications on market access for UK firms. It highlights the proposed joint UK-EU rules and the new symmetrical process outside the European Court of Justice's jurisdiction. This proposal contradicts the EU's April guidelines, which stress EU decision-making autonomy and legal order integrity. The legal consequence of Brexit is that UK financial service providers will lose their EU passport.

What was initially claimed about market access for UK firms after Brexit?

• UK firms would gain more market access.

• There would be no changes in market access.

• Market access would be significantly reduced.

• Market access would be decided by the European Court of Justice.

What is the new process for deciding UK-EU rules described in the video?

• A process involving only EU member states.

• A unilateral process by the UK.

• A symmetrical process outside the European Court of Justice.

• A process controlled by the European Court of Justice.

What does the new symmetrical process contradict according to the video?

• The UK's decision-making autonomy.

• The April European Council guidelines.

• The EU's financial regulations.

• The UK's market access agreements.

What is one of the legal consequences of Brexit for UK financial service providers?

• They maintain their EU passport.

• They lose their EU passport.

• They gain new EU passports.

• They receive additional EU benefits.

What does the loss of the EU passport mean for UK financial service providers?

• They are unaffected by EU regulations.

• They face restrictions in accessing the EU market.

• They can operate freely in the EU.

• They gain new privileges in the EU.