On 24 July 2018, HM Treasury published a draft of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (the ‘draft Regulations’) which provide for a temporary permissions regime enabling EEA passporting firms to continue operating in the UK for a limited period of time once the UK leaves the EU.
Whilst further details about the new regime will be published over the coming months, this note covers what we know so far.
Why publish the draft Regulations?
Simply put, the temporary permissions regime is a back-stop should the EU and UK not finalise the Withdrawal Agreement.
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