What does IP completion day mean for Risk & Compliance?

The following Practice Compliance practice note provides comprehensive and up to date legal information covering:

  • What does IP completion day mean for Risk & Compliance?
  • Overview—what is happening on 31 December 2020
  • Data protection
  • Regulatory regimes
  • Data protection officer
  • International transfers of personal data
  • Appointing a European representative
  • Updates to documentation and records
  • Data protection impact assessments
  • ePrivacy
  • More...

What does IP completion day mean for Risk & Compliance?

11 pm (GMT) on 31 December 2020 marks the end of the implementation period put in place to enable the UK to transition away from the EU’s laws and institutions. At this point in time (referred to in this document as ‘IP completion day’) there will be an immediate and significant change in the UK’s legal regime. This Practice Note explains the implications of this change in relation to the following areas of law firm compliance:

  1. data protection

  2. ePrivacy

  3. anti-money laundering (AML) and counter-terrorist financing (CTF)

  4. international financial sanctions

  5. Registered European Lawyers

  6. ODR platform and ADR

  7. whistleblowing

  8. updating documentation, eg terms of business, AML policies and privacy notices

Overview—what is happening on 31 December 2020

On 31 January 2020 (‘exit day’), the UK ceased to be an EU Member State and lost its entitlement to participate in the political institutions and governance structures of the EU. In accordance with the transitional arrangements provided in Part 4 of the Withdrawal Agreement, exit day marked the commencement of an 11-month implementation period during which the UK continues to be treated by the EU as a Member State for many purposes.

The implementation period runs until 11 pm on 31 December 2020, a point known as IP completion day.

Exit day is still key in terms of being the date the UK ceased to

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