Brexit

Recent Articles

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  25.01.2022

  The Tem­por­ary Trans­ition­al Power (TTP) ends on 31 March: What Next?

  What is the TTP? Since the transition period following the UK’s exit from the European Union ended at 11pm on 31 December 2020, “onshored” EU legislation has formed part of UK law. “Onshoring” was the process by which EU legislation and regulatory requirements were amended so they had effect in UK law. The process of onshoring of EU legislation resulted in some changes to regulatory obligations applicable to authorised firms in the UK. In order to give authorised firms time to adapt to those changes, HM Treasury gave the FCA and PRA the power to make transitional provisions...

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  20.04.2021

  Brexit We­bin­ar: UK au­thor­isa­tion for EU fin­an­cial in­sti­tu­tions – the end of the tem­por­ary per­mis­sions re­gime

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  12.01.2021

  Ger­many: BaFin pub­lishes Gen­er­al Ad­min­is­trat­ive Act re­gard­ing the busi­ness of UK in­sur­ance un­der­tak­ings in Ger­many after 31 Decem­ber 2020

  On 31 December 2020 – at the end of the transitional period during which the UK was still part of the Customs Union and the Single Market despite its exit from the European Union on 31 January 2020 – , BaFin has issued and published a General Administrative Act ("Allgemeinverfügung zur Durchführung und Abwicklung der grenzübrschreitenden Tätigkeit von Versicherern und EbAV aus UK und GI") stating that insurance undertakings and institutions for occupational retirement provision (IORPs) with their registered office in the United Kingdom of Great Britain and Northern...

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  05.01.2021

  What does the EU-UK Trade and Co­oper­a­tion Agree­ment mean for fin­an­cial ser­vices?

  Background On 26 December 2020, the text of the Trade and Cooperation Agreement between the European Union and the United Kingdom (the “TCA”) was published (link). On 31 December 2020 at 23:00 UK time, the Brexit Transition Period ended and the TCA started to apply on a provisional basis. A separate, short Joint Declaration on Financial Services Regulatory Cooperation (the “Joint Declaration”, link) was published alongside the TCA. The Joint Declaration is essentially an agreement to agree at a later stage some of the detail on financial services which, as has been widely...

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  14.05.2020

  Brexit ne­go­ti­ations: UK vs EU, Round Three

  Last week Michael Gove gave evidence to the House of Lords European Union Select Committee on the second round of negotiations which took place last month. He said that the Government believes there is no need for an extension to the transition period and businesses will still be able to prepare in time, even with the ongoing Covid-19 crisis. In fact, he went so far as to say that even if the EU said it would ‘dearly love an extension’, he could not imagine saying anything other than ‘no’. Mr Gove shrugged off Michel Barnier’s claims that the UK has refused to engage...

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  28.02.2020

  UK/EU fin­an­cial ser­vices after Brexit – cross-bor­der reg­u­la­tion after the UK’s exit from the single mar­ket

  Asymmetry: an open UK/City and a protected EU market In financial services, there is an asymmetric starting point. On one side, the UK’s open stance towards the rest of the world - reflecting the City’s position as a major global centre - and on the other the relatively protectionist approach of the EU and its Member States. This asymmetry was amplified during the contingency planning for a no-deal. The UK acted unilaterally to put in place a generous transitional regime for EU/EEA firms, effectively maintaining single market passport rights into the UK whilst firms re-structured. EU...

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