No-Deal Brexit Temporary Passporting Backstop Is Now Live

Wednesday, January 30th, 2019

EEA (European Economic Area)-based Firms that’re currently passporting into the UK can now notify the FCA (Financial Conduct Authority) about their willingness for full regulatory authorization. If you want to learn more about Brexit temporary passporting, just read the article below.

Brexit Temporary Regime

Such authorization would allow these firms to go on operating new and existing regulated businesses for a certain period of time in case the UK leaves the EU. Starting from 7 January 2019, firms were allowed to notify the FCA about their intention to enter the regime with temporary permissions using its Connect system. Until 28 March 2019, they’ll have to act like this.

Based on the temporary regime, EEA-domiciled investment funds marketing in the UK under a passport can go on temporarily marketing in the UK as well. Those funds that don’t want to benefit from the regime won’t be able to go on marketing that fund in the UK the way they did prior to the exit day.

UK’s Prime Minister Theresa May has noted that the Brits voted for Brexit back in 2016. Besides, May has also mentioned that she would discard the fee intended for millions of EU citizens living in Britain to apply for permanent status after Brexit. The fee makes up £65 and is similar to the one that British citizens pay for a passport.

The Brexit negotiations refer to the border separating Northern Ireland and the Republic of Ireland among many other issues. The backstop, a position of last resort, is to keep an open border on the island of Ireland in case the UK comes out of the EU without securing an all-encompassing deal.

Doing Business in the UK: Brexit Temporary Passporting

Nearly 1.3m people born in the UK are residents in the EU27, and nearly 3.2m EU27 nationals in the UK. EU27 refers to the European Union (during 2007–2013 when 27 countries were included in it, or the countries being members then) 2007 enlargement of the EU.

Today’s withdrawal deal allows them to retain the freedom of movement they’ve and other EU citizenship rights until 31 December 2020. This is when the Brexit transition period will expire. When it comes to no deal, what it’s going to mean for Britons living in France, Spain, Germany, etc. is still uncertain.

With all this in mind, it’s vitally important for merchants in the UK to work only with a reputable payment processor that can help them grow their business. For this, you can just turn to a true payment expert in the UK like Best Payment Providers. Best Payment Providers will compare the merchant services providers in the country and give you the most honest snapshot of the companies at the time of writing.

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