An examination of the ‘passport regime’, and the implications of Brexit on this regime, will act as a cornerstone of this essay. In essence, passporting enables firms that are authorised in any EU/EEA state to trade freely in any other EU/EEA state with minimal additional authorisation. An EU passport enables a firm that is authorised in one EU country, referred to as the ‘home’ member state, to provide a comprehensive range of services and open offices and branches in other ‘host’ EU member states. Passporting rights are, therefore, highly significant and underpin the ‘ecosystem’ that is the single market for financial services. There are nine different passports that financial services companies can utilise in order to deliver their core services to businesses and customers cross the EU. The inherent concept of passporting is based around community-wide principles established by the EU’s common prudential capital regime and on the granting of mutual recognition of licences. Explicit in its very nature, passporting is the preserve of countries that are members of the EU or European Economic Area (EEA). Unequivocal assessments of the terms of the UK’s departure from the EU cannot yet be given but it seems almost certain that the UK is bound to leave the single market and, by default therefore, will lose passporting rights. Such an outcome can only be considered sub-optimal to many in financial services and has the potential to cause huge disruption and substantial business loses. Nevertheless, Michael Randall’s article in the Edinburgh Law Review, presents a convincing argument that whilst a loss of passporting rights is not a triumph, the prognosis is not as bleak as some would suggest particularly in the longer term. The argument that Randall proposes: that core regulation is likely to remain similar between the EU and UK when further consideration is given to mutual, recognition and free trade agreements (a comprehensive one being sought by the British government as a matter of priority) is a strong one. Recent British domestic legislation on financial services has been heavily influenced by EU law, moreover, Randall correctly identifies the opportunities that Brexit ma>