The HM Treasury has published a draft version of the EAA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018 together with an explanatory memorandum.
This statutory instrument is made using the power in section 8 of the European Union (Withdrawal) Act 2018 to address failures of retained EU law to operate effectively or other deficiencies arising from the withdrawal of the UK from the EU.
Specifically, the draft Regulations aim to:
▪ Remove references to passporting set out in the Financial Services and Markets Act 2000 and in other UK legislation, in preparation for Brexit; and
▪ Establish a temporary permissions regime for EEA firms currently operating in the UK to enable their continued use of a passport for a limited period after Brexit (the Regulations envisage a 3-year period).
The Regulations are intended to be laid before Parliament in Autumn 2018 with the majority of the temporary permissions regime regulations to come into force on the day after which the Regulations are made. The remainder will come into force on exit day.
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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.