Third Country
Third-Country Regime
Definition
The regulatory framework governing how firms from countries outside a given regulatory perimeter (e.g., non-EU firms) can provide financial services within that jurisdiction. Third-country regimes typically require equivalence assessments, registration, or branch authorisation, and may impose additional requirements on third-country firms.
Regulatory Context
The EU's third-country regime has become increasingly relevant post-Brexit. MiFIR provides for a third-country equivalence regime for wholesale services, while retail access generally requires branch authorisation or reverse solicitation. Several jurisdictions are tightening third-country rules.