Trade in services

Jan 13, 2021

The UK will no longer benefit from the principles of free movement of persons, free provision of services and freedom of establishment.

Consequently, UK service suppliers will lose their automatic right to offer services across the EU. They may need to establish themselves in the EU to continue operating. Compliance with the host-country rules of each Member State is required, as they will no longer benefit from the ‘country-of-origin' approach or ‘passporting' concept, according to which authorisations issued by one Member State under EU rules enable access throughout the entire EU Single Market. Read more.

Part 2 Title II of the Agreement covers Services and Investment.

Financial services and data protection

The parties will also aim to agree by March 2021 a Memorandum of Understanding establishing a framework for regulatory cooperation on financial services.  Regarding data protection, it has been agreed that an adequacy decision on the UK’s data protection regime will be made within 6 months.  For now, data can continue to go between the EU and UK as before.