By EACCNY member Georges Ugeux | CEO at Galileo Global Advisors and Adjunct professor Columbia Law School.
“The clock stopped ticking. Today is a day of relief,” E.U. negotiator Michel Barnier said at a news conference in Brussels. “But tinted by some sadness, as we compare what came before with what lies ahead.”
First of all, let’s salute the achievement and its authors.
The dramatic breakthrough of the Brexit Trade Agreement is avoiding complete chaos of the export and imports of goods...
On 1 January 2021, the United Kingdom will leave the EU Single Market and Customs Union, and all EU policies. This was its choice.
As a result, it will lose all the rights and benefits it had as an EU Member State, and will no longer be covered by the EU’s international agreements. This will bring far-reaching changes, affecting citizens, businesses, public administrations and stakeholders in both the EU and the UK. To limit the disruption insofar as possible,...
Cautious optimism takes over in final negotiation weeks
European citizens and businesses may find some additional gifts under their Christmas trees this year if all works out. Not only is the European Medicines Agency set to approve the first COVID-19 vaccine for Europe on Monday, but EU and UK negotiators may finally be close to agreeing the post-Brexit trade relationship. After months of growing pessimism on both sides of the English Channel over whether chief negotiators Michel Barnier and David...
Madame President, Ladies and Gentlemen,
Thank you for this new opportunity to take stock of this very long and extraordinary negotiation that I have the honor to lead on behalf of the Commission and on your behalf for more than four years now. Together, with your Parliament and the Council, we have already succeeded in enabling an orderly withdrawal of the United Kingdom, as it wished. It is for this withdrawal agreement that Maroš Šefčovič has just spoken of,...
With the end of the Brexit transition period rapidly approaching and the United Kingdom (UK) poised to become a “third country” after it leaves the European Union (EU), the UK and the EU have yet to reach any “deal” on how the transfer of personal data should be dealt with starting January 1, 2021. With the negotiations deep into their final phase, the advice from regulators, including the UK’s Information Commissioner’s Office (ICO), is that organisations should be taking...
Brexit negotiators aim to salvage a deal by Sunday
After the post-Brexit negotiations reached its latest impasse, all eyes were on UK Prime Minister Boris Johnson and President of the European Commission, Ursula von der Leyen to break the deadlock this week. No deal was struck, and the negotiators have been given until Sunday to find an accord. In a week of political leadership, a high-level political dinner was called on Wednesday night to discuss how best to resolve the ongoing Brexit...
In view of the departure of the United Kingdom from the EU on 1 February 2020 and the forthcoming end of the transitional period on 31 December 2020, the CSSF stated its expectations and rendered some clarifications through a press release published on 7 December 2020.
1) Termination of passporting rights
The CSSF reminds market participants that passporting rights will be terminated as of 31 December 2020 at midnight and therefore be lost as of 1 January 2021. Passporting rights are...
While the Commission will continue to do its utmost to reach a mutually beneficial agreement with the UK, there is now significant uncertainty whether a deal will be in place on 1 January 2021.
The European Commission has today put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other's waters.
From January 1st, 2021, UK banks will qualify as non-EU banks and relative provisions will apply.
Accordingly, UK banks shall be authorized by the Bank of Italy to operate in Italy, through a branch or on a cross-border basis.
In addition, UK banks may also be authorized to provide investment services (Bank of Italy having consulted Consob):
towards retail and professional on request clients, only if a branch is established;
towards eligible counterparties and per se professional clients, also on a cross border basis.
The co-chairs of the EU-UK Joint Committee – European Commission Vice-President Maroš Šefčovič and the UK Chancellor of the Duchy of Lancaster, the Rt Hon Michael Gove – yesterday held a political meeting to address the outstanding issues related to the implementation of the Withdrawal Agreement. Ensuring that the Withdrawal Agreement, in particular the Protocol on Ireland and Northern Ireland, is fully operational at the end of the transition period, i.e. as of 1 January 2021, is essential. The...