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2 Withdrawal Agreement and Political Declaration on the Future EU–UK Relationship

Simon Lovegrove

From: Brexit and Financial Regulation

Edited By: Jonathan Herbst, Simon Lovegrove

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 05 December 2022

Subject(s):
Capital markets — UK Financial Conduct Authority (FCA)

This chapter discusses the Withdrawal Agreement and Political Declaration on the framework for the future EU–UK relationship published on 14 November 2018 (as amended on 17 October 2019) and its implications for financial services. Financial services are not specifically mentioned in the Withdrawal Agreement. Financial services firms will be interested in the transition period, though. During this period, while no longer a Member State, the UK will still be considered as part of the Customs Union and the Single Market. While being part of the Single Market, firms will be able to passport their services as they currently do. EU financial services law will also apply in the UK during this period. Meanwhile, there is nothing in the Political Declaration that suggests that the UK will be on better terms than any other third country dealing with the EU. However, this will be the UK government’s aim in the negotiations. The chapter then considers the Financial Conduct Authority’s EU Withdrawal Impact Assessment, which included commentary on the Withdrawal Agreement and Political Declaration.

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