• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        Key dates
        Book distribution
        Timetables
        FAE Elective Information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Reasonable accommodation and extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Main examination past papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 Reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Training firms update details
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • Overseas members
        Key supports
        Overseas members news
        Tax for returning Irish members
      • In business
        Networking and special interest groups
        Articles
      • Public sector
        Public sector news
        Public sector presentations
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        CHARIOT/Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

News

  • Home/
  • News
☰
  • News
  • News archive
    • 2020
    • 2019
  • Press releases
    • 2022
    • 2021
    • 2020
  • Newsletters
  • Press contacts
  • Media downloads
  • Podcasts Chartered Accountants Ireland
  • Budget day news

Brexit Bulletin, 5 October 2020

Oct 05, 2020

In a serious turn of events, the European Commission has officially issued its first notice of legal action to the UK. With the UK’s failure to amend the Internal Market Bill after the EU’s request to do so, the UK authorities now have until the end of the month to respond to this legal action. Read today’s bulletin to find out more details. We also bring updates on the UK’s Financial Conduct Authority’s new Brexit transition rules for the finance sector. Also, read about the EU’s new Customs Action Plan to combat fraud. 

European Commission takes legal action against UK over Internal Market Bill

In response to the UK’s inaction to overturn conflicting aspects of the controversial Internal Market Bill, the European Commission has issued a letter notifying the UK of the start of formal legal action.

Why has the EU taken legal action?

As stated by Commission Vice President Maroš Šefčovič, the timely and full implementation of the Withdrawal Agreement, including the Protocol on Ireland / Northern Ireland is a legal obligation. The UK were given until the end of September to amend the contentious aspects of the Bill, however due to failure to do so, the UK has breached its obligation to act in good faith, as set out in Article 5 of the Withdrawal Agreement.

What’s next?

The UK has one month to reply to the EU’s letter. The issue of this letter marks the beginning of the EU’s formal infringement process against the UK.

Additionally, the UK’s controversial Internal Market Bill easily cleared its final hurdle in the House of Commons last week, where it passed by 340 votes to 256. The Bill is now at its second reading at the UK’s House of Lords, which has the power to block the legislation by amending it and sending it back to the Commons.

UK’s Financial Conduct Authority sets out rules for the end of Brexit transition period

The Financial Conduct Authority (FCA) based in the UK has outlined  some Brexit transition rules for the financial sector. Firms that are not already in line with the changes will need to show that they have made efforts to comply by 31 December to avoid penalties, as stated by the FCA.

The FCA have also released details on how they intend to apply Temporary Transitional Power (TTP) rules following the end of the transition period, allowing firms to transition to the new regime. Where applicable, these rules will mean that firms and other regulated persons can continue to comply with their existing requirements for a limited period of time.

After the end of the transition period, onshored* legislation will apply. The FCA expects firms to use the duration of the TTP to prepare for full compliance with changes to UK regulatory obligations by 31 March 2022. Key changes are foreseen in areas such as These include transaction reporting, securitisation, some uses of credit ratings and security aspects of payment services.

*Onshoring is the process of amending legislation and regulatory requirements so that they work in a UK-only context, including EU legislation that will form part of UK law by virtue of the European Union (Withdrawal) Act 2018.


New Customs Action Plan set to make customs union smarter, says European Commission

In the latest developments on the customs front, the European Commission has launched its new Customs Union Action Plan, set out with 17 actions to make  EU customs smarter, more innovative and more efficient. The Commission says that this action is in response to reported fraud linked to customs duties and VAT as well as the smuggling of illicit goods into the EU. The Commission is set to implement some of the first steps under this initiative as early as October 2020.

The revamp actions in the Customs Action Plan comprise of four key areas:

  1. Risk management
  2. Managing e-commerce
  3. Promotion of compliance
  4. Customs authorities acting as one

Some key initiatives under these headings include setting up a new analytics hub, new customs reporting requirements for platforms, a single window environment for customs, modernised customs equipment, Union Customs Code evaluation, and international customs cooperation.


Brexit chief negotiators to work “intensively” to reach agreement as significant gaps remain

The ninth round of Brexit trade talks between the EU and the UK took place last week in Brussels. Some of the main points of discussion were focussed on trade in goods, services and investment, data protection, and social security coordination.

In a statement by EU chief negotiator Michel Barnier, the EU has once reiterated their position that in order to reach a successful trade deal, the two blocs must come to some agreement in the three main areas of divergence: open and fair competition, fisheries, and a governance framework.

In a joint statement released by European Commission President Ursula von der Leyen, and UK Prime Minister Boris Johnson following inconclusive ninth round of trade negotiations in Brussels, the two leaders have agreed on the importance of finding an agreement to ensure continued cooperation between the EU and the UK.

The leaders have also instructed their respective chief negotiators to work “intensively” as significant gaps remain, most importantly, in the areas of fisheries, the level playing field, and governance.

Brexit Bites

  • The UK government has made available a £200 million Port Infrastructure Fund to support ports in building new facilities.
  • Readers can still register for Revenue’s upcoming series of live streamed Brexit information sessions on customs and movement of goods taking place on 5 and 6 October 2020.
  • Sign up for LEO Workshops: Prepare Your Business for Brexit Customs 

 

For all Brexit updates, visit our Brexit webpage. 

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.