Brexit—impact on financial services
Brexit—impact on financial services

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Brexit—impact on financial services
  • The end of the implementation period
  • Loss of single market passports
  • Retained EU law
  • UK rules and EU binding technical standards
  • UK temporary transitional regimes
  • EU guidance
  • European Commission
  • European Central Bank
  • European Banking Authority
  • More...

Brexit—impact on financial services

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This Practice Note provides information relating to the impact of Brexit on financial services, including the loss of passporting rights and the UK becoming a third country for the purposes of EU financial services law following the end of the implementation period. Further financial services materials regarding Brexit can be found in Practice Note: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime and the Brexit toolkit.

The end of the implementation period

The UK left the EU on 31 January 2020 (exit day) and entered into an implementation period (referred to as a ‘transition period’ in the Withdrawal Agreement), during which the UK sought to negotiate its future relationship with the EU. Pursuant to section 1 of the European Union (Withdrawal) Act 2018 (EU(W)A 2018), the European Communities Act 1972 (ECA 1972) was repealed on exit day, subject to savings and transitional provisions introduced by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020)  to allow for continuation of EU law in accordance with the transitional arrangements in the Withdrawal Agreement. For more information on the Withdrawal Agreement, see Practice Note: Brexit—introduction to the Withdrawal Agreement.

The advantage of the transition period for financial services was that it provided extra time for firms to prepare for the UK’s onshoring regimes to come into effect. During the implementation period, the UK continued to

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