Brexit Legislation Published Establishing a Temporary Permissions Regime for EEA Firms Passporting into the UK

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).

View the EEA Passport Rights Regulations 2018.

View details of the draft regulations.

Return to main website.