Direct Marketing Banking

What is the definition of "European financial passport?

I read the news earlier and found this expression, but I do not know exactly what Another 13 foreign financial groups have notified the NBR (National Bank of Romania) in November about their intention to provide the services directly on the Romanian market, based on the European financial passport. The total number of financial groups that provide direct services has risen to 105 today. In November, banks, as well as leasing and factoring players have announced their entry into local market. The French group BNP Paribas has submitted a claim for lease …

"The Commission today (16 July) the Commission will present proposals to change EU rules on mutual funds but ruled out the introduction of a 'European financial passport "for company managers, aimed at enabling the funds sold across the EU, regardless their country of establishment of EurActiv has learned. "The passport will allow European asset managers to trade funds and execute the so-called UCITS (undertakings for collective investment in securities trasferible) throughout the Union regardless of their country of domiciliation. "

Alliance Bank – USJ (Phoenix de Vegas)