As an investment firm in the UK, can I continue to provide investment services in the Netherlands after Brexit on the basis of reverse solicitation?

The services you now provide in the Netherlands cannot be continued after 1 January 2021 unless you hold a licence in an EU Member State. Reverse solicitation, i.e. the offering of services exclusively at the client's own volition and without inducement, will not enable you to continue to provide your investment services. Only in very exceptional circumstances will reverse solicitation offer clients an opportunity to enter orders with a company established in the UK. This will need to be assessed on an order-by-order basis and must meet a set of strict conditions. You should also refer to the

Q&As published by the ESMA on this matter (Chapter 13).

ESMA issued a statement in January 2021 providing examples of practices that do not meet the conditions for reverse solicitation.

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