The United Kingdom (“UK”) has left the European Union (“EU”) on 31 January 2020. Under the Withdrawal Agreement reached between the EU and UK, the EU legislation will continue to apply in the UK during the transition period that will last until 31 December 2020. After the end of the transition period, EU law will stop to apply in the UK from 1 January 2021, and from that date, provision of financial services from UK authorised institutions to EU customers on a cross-border basis (passporting) will no longer be possible.
For information with respect to all the communications the European Banking Authority (“EBA”) has issued in relation to Brexit please refer to the EBA website at the following link: Brexit | European Banking Authority (europa.eu)
Additional information in relation to Brexit is provided on the website of the EU Commission (e.g. banking_services_en.pdf (europa.eu)) and the website of the European Central Bank (e.g https://www.bankingsupervision.europa.eu/banking/relocating/html/index.el.html)