The following Banking & Finance guidance note provides comprehensive and up to date legal information covering:
This Practice Note is in the process of being comprehensively updated to reflect the UK’s exit from the EU on 31 January 2020.
As of exit day, the UK is no longer an EU Member State, but it has entered an implementation period during which it continues to be treated by the EU as a Member State for many purposes. As a third country, the UK can no longer participate in the EU’s political institutions, agencies, offices, bodies and governance structures (except to the limited extent agreed), but the UK must continue to adhere to its obligations under EU law (including EU treaties, legislation, principles and international agreements) and submit to the continuing jurisdiction of the Court of Justice of the European Union in accordance with the transitional arrangements in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement and Brexit Bulletin—key updates, research tips and resources.
This Practice Note:
explains where to find information on the latest Brexit developments, in particular, those that impact financial institutions
explains how UK legislation will be impacted by Brexit and the approach being taken to ‘on-shoring’ financial services legislation
explains the preparations for Brexit as regards financial services
explains Brexit related issues of general applicability to finance transactions, including passporting, security and data transfer
sets out key issues
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