European Union:
No-Deal Brexit And Contemplated German Temporary Permissions Scheme For Banks, Insurers And Financial Services Providers
18 January 2019
Squire Patton Boggs LLP
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As it stands, the UK will cease to be a member state of the
European Union (EU) as of 30 March 2019.
On 24 November 2018, the UK and the EU agreed to enter into a
Withdrawal Agreement (the Withdrawal Agreement). The Withdrawal
Agreement provides in Article 127 (6) that during a transition
period from 30 March 2019 to 31 December 2020 (the Transition
Period), any reference in EU law to a member state of the EU shall
include the UK.
Accordingly, the current passporting rules for cross-border
services provided by banks, insurance companies and financial
services providers from the UK into the EU, as well as the current
passporting rules for branches established by UK banks, insurance
companies and financial services providers in the territory of the
EU to carry out banking business (including commercial lending),
insurance business and other financial services in Germany would
continue to apply during the Transition Period, provided that the
Withdrawal Agreement is finally adopted and entered into by the UK
and the EU.
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