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What are “passports” in the context of financial services?

I have also heard the term “passporting rights.”

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  • $\begingroup$ Have you tried Googling before posting the question? $\endgroup$ – Herr K. Feb 12 at 18:17
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The EU passporting system for banks and financial services companies enables firms that are authorised in any EU or EEA state to trade freely in any other with minimal additional authorisation. These passports are the foundation of the EU single market for financial services.

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