Uk Withdrawal Agreement Financial Services

The UK and EU said in a political statement that they intend to reach an agreement on the UK`s future relationship with the EU by the end of 2020. The UK government has stated that it has no intention of extending the transition period. This briefing examines the functioning of the EU`s cross-border services regime under the Financial Instruments Markets Regulation (MFIR) and the impact of the European Commission on British businesses if the European Commission makes an equivalency decision vis-à-vis the UK under the MFIR, including the impact of changes to MFIR from June 2021. It also examines the impact on EU businesses if the UK makes an appropriate equivalency decision for the EU under the “onshored” MiFIR, which is part of UK law after the end of the Brexit transition period. The briefing was carried out in collaboration with UK Finance. We have worked with our clients, UK and European policy makers and leading trade organisations such as the European Financial Markets Association (AFME), the British Bankers` Association (BBA), TheCityUK (TCUK) and the Confederation of British Industry (CBI) to understand the impact of the UK`s exit from the EU. This IS has been done. It corrects deficiencies in UK domestic law and has upheld EU law. It amends a number of EU exit instruments for financial services, including: MiFID/MiFIR, insider trading, equivalence, financial supervisory authorities` powers, money funds, Solvency II and securitisation.

The political declaration provides for the granting of aduitable status to the United Kingdom before the end of the transition period until December 2020 and confirms that the European Commission will begin to assess the adequacy as soon as possible after the UK`s withdrawal. The Czech government has drafted a bill that will temporarily settle relations between the Czech Republic and the UK if the UK leaves the EU without a withdrawal agreement being signed. It is expected to be approved by the Czech parliament by the end of February. During the transitional period, EU legislation remains in force until 31 December 2020. The current rights and rights you have for your financial products and services do not change because of the transition period. The political statement is a brief document and, as far as financial services is concerned, it contains few details. It is positive that, with regard to services (including financial services), the objective is to achieve a level of trade liberalization of services “well beyond” WTO obligations and to build on recent free trade agreements.