UK Legislation Published Delaying Brexit Transitional Regimes to End of Implementation Period

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The Financial Services (Consequential Amendments) Regulations 2020 have been published by the U.K. Government. The Regulations delay the application of various financial services temporary permissions and transitional regimes until the end of the implementation or transitional period (December 31, 2020) which was established under the European Union (Withdrawal Agreement) Act 2020. The Regulations come into force immediately before exit day, which is due to occur on January 31, 2020.

The U.K. Government has published a range of Brexit legislation ensuring that the financial services industry can continue to function effectively upon the U.K.’s exit from the EU. An example includes the temporary permissions regime that will allow EU firms currently authorized to conduct regulated activities in the U.K. under an EEA passport to continue operating post-Brexit. Under the EUWA, the U.K. will remain subject to EU legislation until the end of the implementation period, meaning any temporary permissions and transitional regimes will only come into effect at the end of that period.

View the Financial Services (Consequential Amendments) Regulations 2020.

View the Explanatory Memorandum to the Financial Services (Consequential Amendments) Regulation 2020.

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