Brexit

Recent Articles

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    19/02/2024

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.   
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    29/11/2023

    Financial Services Webinars On Demand

    Use the below link to view recordings of CMS financial services webinars available on demand. Webinars are a convenient way to stay informed and hear from our legal experts.     
    Read more
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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
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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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