Due to the United Kingdom’s withdrawal from the European Union, financial actors’ right to conduct cross-border operations in or from the United Kingdom that are based on European Union law was repealed on 1 January 2021.
Due to Brexit, ESMA will have a maintenance window from 31 December 2020 through (preliminarily) 7 January 2021.
What will happen in the event that the transition period ends without an agreement between the EU and the UK.
Despite the positive progression over the past few weeks, there is still some uncertainty surrounding Brexit. FI has previously identified the limited access to clearing services as one of the consequences of Brexit that could have a major impact on Swedish firms. The European Commission’s communication that it will take action to manage risks to financial stability that are associated with clearing is therefore welcomed. At the same time, though, a hard Brexit could create other types of frictions that affect Swedish firms. It is therefore of utmost importance that Swedish firms continue to prepare for Brexit.
Brexit will become a reality when the UK leaves the EU on 29 March 2019. This will change conditions for cross-border trade in financial services to and from the UK. FI describes in this report its analysis of a number of significant economic and legal aspects related to Brexit.