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The AFM and Brexit

As a result of Brexit, some companies from the United Kingdom (UK) wish to establish themselves in the Netherlands. Dutch companies that do business with the UK also have questions regarding the consequences of brexit.

On Friday, 31 January 2020, the UK left the EU, with a transition period until 31 December 2020. All laws and regulations of the European Union remained in force in the UK during this transition period, so nothing changed for citizens and businesses. For example, all licences and European Passports (which allow companies to offer services in other EU countries) of British financial companies remained valid.

This transition period has now expired, and as of 1 January 2021, the European Passports of European financial institutions will no longer be valid in the UK and the European passports of British financial institutions will be cancelled. The AFM will therefore remove them from its register.

Also ‘reverse solicitation’, i.e. the offering of services exclusively at the client's own volition and without inducement, will not enable you to continue to provide your investment services. For further information, please check the following Q&A.

Below, we provide answers to frequently asked questions which the AFM receives in relation to Brexit and the change in relationship between the EU and the UK, accompanied by several publications (as well as from ESMA) on the subject. 

British financial institutions servicing consumers based in the Netherlands

British financial institutions without a licence are no longer allowed to offer their services in the Netherlands from 1 January 2021 onwards. This may have consequences for their customers based in the Netherlands, when the British institutions concerned did not receive a licence in the Netherlands. These institutions will have to cease their services.

UK companies wishing to move to the Netherlands

What do I need to consider if I want to establish my business in the Netherlands due to Brexit?

Dutch companies trading with UK companies

My company trades with companies in the United Kingdom. What do I need to consider when Brexit takes effect?

The role of the AFM in Brexit

Brexit has consequences for the financial markets. The changes could lead to gaps in supervision or a disruption of services to and from Dutch companies.

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