noun the act of allowing a financial services firm registered in one member state of the European Union to provide services in another member state without having to establish a physical presence in that state
verb present participle of the verb 'passport', which means to allow a financial services firm to operate in another country without needing to go through additional regulatory processes
Passporting is a term used in legal contexts to describe the process of allowing a financial services firm in one EEA country to operate in another EEA country without the need for separate authorization.
In the context of financial services, passporting refers to the ability of a firm registered in one European Economic Area (EEA) country to do business in another EEA country without needing further authorization.
Passporting is crucial for businesses operating across multiple EEA countries as it streamlines the process of conducting cross-border transactions and services.
Passporting plays a significant role in the economics of the EEA by promoting cross-border trade and investment within the region.
In the context of writing, 'passporting' may refer to the ability of a writer to seamlessly transition between different genres or styles of writing.
In the field of psychology, 'passporting' can refer to the process of obtaining necessary qualifications or certifications to practice in different countries or jurisdictions.
For financial advisors, 'passporting' can refer to the ability to provide services to clients in different countries within the European Union under a single regulatory framework.
Lawyers may use 'passporting' to refer to the ability to practice law in different jurisdictions without having to requalify or meet additional requirements.