Open Europe, a non-partisan and independent policy think tank, has published a report ‘How the UK’s financial services sector can continue thriving after Brexit’, which analyses the operation of the existing passporting regime. It considers the potential impact of the loss of passporting post-Brexit and the availability of alternative arrangements in the wholesale and investment banking, asset management and insurance sectors, such as bespoke agreements, equivalence and local arrangements. The conclusion reached by Open Europe is that the loss of passporting is most likely to affect the banking sector and that equivalence may only be a partial solution, as it is not currently available for all relevant EU legislation. Open Europe also suggests that the UK government should undertake reforms to ensure that the UK remains attractive for financial services, which could include abolishing, or reducing the impact of, the bank levy and the corporation tax surcharge for banks.