7. What financial services passporting arrangements does your jurisdiction have with other jurisdiction?
What financial services passporting arrangements does your jurisdiction have with other jurisdiction?

A service provider authorized in France that intends to do business in another European Union country must notify the French regulator before starting its activities. Depending on the intent to create an establishment or to exercise the freedom to provide services across the European Union, a specific notification form must be sent to the regulator. The regulator will inform the host regulator, who has limited grounds to object.  The authorization process can last up to two months.

If the French service provider exercises its freedom of establishment, it must open a branch in the host country before it can start business. Moreover, the French service provider has to appoint a senior manager for the new European branch. Before the appointment can be effective, the French authority must be notified in order to give its approval.