European Union:
Brexit Legislation Published Establishing A Temporary Permissions Regime For EEA Firms Passporting Into The UK
21 November 2018
Shearman & Sterling LLP
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On November 6, 2018, the EEA Passport Rights (Amendment, etc.,
and Transitional Provisions) (EU Exit) Regulations 2018 were made
on November 6, 2018. The Regulations provide, among other things,
for a Temporary Permissions Regime for firms that are currently
authorized to carry on a regulated activity in the U.K. under an
EEA passporting right that have either applied for U.K.
authorization prior to the U.K. withdrawal date or have notified
the relevant U.K. regulator of their intention to continue carrying
on passported activities. The Regulations come into force on
November 7, 2018 except for the following provisions, which come
into force on exit day:
- Regulation 2 (Repeal of passport
rights, etc);
- Regulation 3 (Consequential
amendments);
- Regulation 4 (Saving provision: tax);
and
- Regulation 24 (Financial Services
Compensation Scheme - modifications of Part 15 of the Financial
Services and Markets Act 2000).
The EEA Passport Rights Regulations 2018 are available at: http://www.legislation.gov.uk/uksi/2018/1149/pdfs/uksi_20181149_en.pdf
and details of the draft regulations are available at: https://finreg.shearman.com/uk-secondary-legislation-published-for-post-brexi.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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