There are nine different types of passport, each of which cover a different aspect of financial services. This essay will briefly examine some of the passport regimes and the areas that they cover. The Capital Markets Directive (CRD IV) grants passporting rights and covers banking services, including deposit taking, lending and other forms of financing. It is important to note that upon leaving the EU, the UK will not be bound by the CRD IV, however, the UK will still be committed to the requirements set out in Basel III (which covers capital adequacy standards) and which the CRD IV effectively implemented. The Solvency II Directive sets the prudential framework for insurance with the ultimate aim of creating a harmonised regime and a more closely integrated insurance market. This directive enables EEA firms to offer reinsurance and insurance services either cross-border or by establishing a branch in another state. It is common knowledge that the United Kingdom, and London in particular, is an international powerhouse in the insurance industry. Its importance cannot be understated and nor can the administrative disruption that a loss in passporting rights post-Brexit would cause. Conversely, it is almost ubiquitous that far-reaching EU commercial regulations will be sub-optimal in some way for Britain. This essay has already addressed the opportunities that Brexit poses for tweaking existing regulations to be more in line with the UK’s requirements and strategic corporate objectives, the case of Solvency II is no different. It has already been identified that once the UK leaves the EU, it will be under no obligation to apply Solvency II standard to UK insurers and reinsurers, therefore, allowing the PRA (subject to any Brexit agreement) to make changes to UK rules that it has previously expressed a desire to implement but has been unable to do so, such as re-evaluating the risk margin. It can be argued that this again presents a marginal benefit to the UK, nevertheless, it is dubious to suggest that this will compensate for a total loss in passporting rights, particularly in context of the fact that Solvency II provides no third party equivalence regime for direct insurers, resulting in dozens of UK insurance companies being unable to operate in the EU/EEA without a local licence, a costly and bureaucratic process. The Markets in Financial Instruments Directive recently revised and now MiFID II provides for passporting for financial services institutions, specifically for services such as securities, funds and derivatives and recently came into force in conjunction with the Markets in Financial Instruments Regulation (MiFIR). The Undertakings for Collective Investment in Transferable Securities (UCITS) is a longstanding regulatory framework that provides passporting rights. UCITS specifically deals with asset management. The UK is Europe’s largest asset management centre and has, therefore, enormously benefitted from the passporting regime: 244 UK asset management passport into continental Europe (‘outbound’ passport), this compliments the many EU domiciled fi>