Deal or no-deal, the passporting of financial services between the EU and the UK will no longer be possible following the end of the transition period. Extensive preparations have already been undertaken to avoid high levels of market disruption on 1 January 2021. A trade deal, no matter how ambitious, will not change this. The EU may recognise that the UK’s regulatory or supervisory regime is equivalent to the corresponding EU regime. At present, temporary equivalence decisions have already been granted in a number of areas to ensure financial stability in the immediate aftermath of Brexit.  The European Commission continues to assess whether it can grant further temporary equivalence decisions. The EU has said it will not be granting permanent equivalence to the UK. The UK has introduced a Temporary Permission Regime (TPR) which allows EEA firms to operate for three years in the UK after the passporting regime ends at the end of the transition period and they can seek authorisation from UK regulators. Firms (including Irish firms) and fund managers need to apply to the scheme before 30 December 2020. In Ireland, the Central Bank has issued guidance for financial services firms in Ireland that have a presence in the UK. The Central Bank says that if Irish firms intend to maintain continuity of business in the UK post Brexit, they must engage with UK authorities; the Bank of England and the Financial Conduct Authority (FCA).   Full details of the UK’s Temporary Permissions Regime can be found on the FCA webpage. The European Commission has published Readiness Notices in the area of Financial Services, including: Asset management Banking and payment services Insurance and re-insurance Investment services Post-trade financial services  

With intensive Brexit talks ongoing, take a look at our concise Brexit timeline. It outlines the key milestones from October 2020, including what is coming up over the next few months.

If you import goods from the UK next year, you’ll need to use Revenue’s new customs declarations system, the Automated Import System. From November 2020, Revenue will implement a new import system, called the “Automated Import System (AIS)”. This new system will be introduced to comply with the provisions of the Union Customs Code (UCC), and will ensure that businesses can import goods legally from outside the EU (including the UK) using the most efficient process possible. What will change? This system will replace the existing Automated Entry Processing (AEP) system, and eManifest systems for imports. One of the most major changes under this will be the change in the format of customs import declarations. The import Single Administrative Document (SAD), currently processed within the AEP system, will be replaced by new AIS declaration types. What will not change? Securing an Economic Operators Registration and Identification (EORI) number continues to be of the utmost importance for traders if they wish to import goods into the EU. Exports will continue to be managed through the AEP system until 2023. However, from November 2020 onwards, if you import and export goods from and to the EU, you must use: AIS for your import declarations AEP for your export declarations. Businesses are urged to prepare for this change by making sure their customs software is up to date. Further information on preparing for this change can be found on Revenue’s website.