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Brexit - trade with the UK

Frequently asked questions - Brexit - trade with the UK

How will Brexit affect my company?

As of January 1, 2021, the European Passports of European financial institutions are no longer valid in the UK. 

As of January 1, 2021, the European Passports of European financial institutions are no longer valid in the UK.
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What will be happening to my European passport after Brexit? Will I still be able to sell or provide products and/or services in or to the UK?

As of January 1, 2021, the European Passports of European financial institutions are no longer valid in the UK. 

Financial institutions that wish to make use of this option must have registered with the FCA no later than 30 December 2020, otherwise they will lose the opportunity to offer cross-border services in the UK.

The British government will be introducing further legislation, on the basis of which financial institutions that have not signed up to the temporary permissions regime will temporarily be able to continue fulfilling contractual obligations. This financial services contracts regime gives financial institutions a limited time frame in which to wind up their activities in the UK in an orderly fashion.

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What consequences does Brexit have for investment firms or managers of collective investment schemes that work with investment firms in the UK?

An investment firm you work with in the UK will no longer be able to continue providing its services. The investment firm will need a licence in an EU Member State to be allowed to continue providing investment services in the Netherlands.

Reverse solicitation, i.e. the offering of services exclusively at the client's own volition and without inducement, will not enable it to continue to provide its investment services. Only in very exceptional circumstances will reverse solicitation offer clients an opportunity to enter orders with a company established in the UK. This will need to be assessed on an order-by-order basis and must meet a set of strict conditions. You should also refer to the Q&As published by the ESMA on this matter (Chapter 13).

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