EBA Warns Banks To Prepare For End Of Brexit Transition

Law360, London (July 29, 2020, 5:19 PM BST) -- Financial institutions in Britain and the European Union must prepare for the end of the U.K.'s regulatory transition period following its exit from the bloc earlier this year, the EU's top banking authority said Wednesday.

The European Banking Authority warned banks and financial institutions that U.K.-based firms will no longer be able to offer financial services to EU countries after Dec. 31 as the transitional agreement put in place following Brexit will expire.

"Starting from 1 January 2021 financial institutions based in the U.K. and not holding valid authorization from the EU competent authorities will lose their authorization to provide services...

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