It is not inaccurate to suggest that the immediate impact of Brexit on domestic financial laws and regulations will be negligible. This essay has highlighted the accepted narrative that all existing UK financial legislation will remain in place upon departure from the EU, perhaps with some incremental technical amendments. What is note-worthy, however, is the opportunities that Brexit will offer in relation to UK statutes and regulations: the country can further develop its successful SMCR (in spite of the fact that enforcement is likely to be more difficult in certain situations post-Brexit) and importantly correct inflexible and mis-guided financial regulations that are not suitable and do not work for the British economy. The Passport Regime and Third Country Equivalence Regime As outlined in the essay’s introduction, one of the fundamental challenges posed by Brexit on the current legal regime of UK financial services is the situation with respect to the existing passporting regime. Analysis suggests that a continuation of the current passporting arrangements is unlikely to be feasible politically. This analysis once would have seemed almost incontrovertible, the political direction in Westminster was decidedly against any form of customs union or single market integration. Recent events in Westminster have intensified uncertainty regarding the arrangement that the EU and UK will reach (if any) upon the UK’s departure, and have raised the prospect of the UK remaining within a customs union with the EU. Nevertheless, such an outcome is unlikely at best and it is of great importance to analyse, in so far as possible, the outcome Brexit is likely to have on the passporting regime. Passporting, whereby EU laws’ so-called ‘country of origin’ principle provides that admittance in the state of origin suffices for distribution throughout the European Union and EEA, is advantageous for a number of reasons – principally in cutting the enormous amount of ‘red tape’ required when a company wants to expand into new territories, alongside cost savings. It is, therefore, clear why the very real prospect of UK fir>