Financial Services Act

Overview of the Act The Financial Services Act ensures the UK’s regulatory framework continues to function effectively following the UK’s withdrawal from the EU, and makes important updates to the regulatory framework. The Act enhances the UK’s world-leading prudential standards and promote financial stability by enabling the implementation of the full set of Basel III […]

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Services

Part 2: UK Market Access: Services UK Market Access: Services Section 17: Services overview This section sets out the scope of the provisions on the regulation of services in this Part by making provision that limits the application and effect of authorisation requirements for mutual recognition in section 19, and regulatory requirements for non-discrimination in […]

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Banking and Financial Services

Banking and Financial Services From Department of the Taoiseach Published on 20 February 2020 Last updated on 18 February 2021 1. Banking and financial services 2. Commercial contracts 3. Financial risk and currency management Banking and financial services There has been significant work at the national and EU level to ensure continuity of service across banking, payments, insurance […]

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Ìnternational Bus Services

Guidance Run international bus or coach services and tours What UK bus and coach operators need to do to provide services, tours, holidays and trips into Europe and other countries. From: Driver and Vehicle Standards Agency, Traffic Commissioners for Great Britain, and Department for Transport Published 20 January 2021 Last updated 28 September 2021 — See all updates […]

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EU Q&A Services & Investment

SERVICES & INVESTMENT The EU and the UK are major partners when it comes to trade in services and investment. While the UK was an EU Member State, participating in the EU Single Market and benefitting from the free movement of persons and services, businesses could supply services freely across the EU. The UK benefitted […]

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General Services Issues EU UK Agreement

TITLE II: SERVICES AND INVESTMENT Chapter 1: General provisions Article SERVIN.1.1: Objective and scope 1. The Parties affirm their commitment to establish a favourable climate for the development of trade and investment between them. 2. The Parties reaffirm the right to regulate within their territories to achieve legitimate policy objectives, such as: the protection of […]

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Cross Border Services EU UK Agreement

Chapter 3: Cross-border trade in services Article SERVIN.3.1: Scope This Chapter applies to measures of a Party affecting the cross-border trade in services by service suppliers of the other Party. Article SERVIN.3.2: Market access A Party shall not adopt or maintain, either on the basis of its entire territory or on the basis of a […]

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Financial Services EU UK Agreement

Section 5: Financial services Article SERVIN.5.37 Scope 1. This Section applies to measures of a Party affecting the supply of financial services in addition to Chapters 1, 2, 3 and 4 of this Title, and to Sections 1 and 2 of this Chapter. 2. For the purposes of this Section, the term “activities performed in […]

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Legal Services EU UK Agreement

Section 7: Legal services Article SERVIN.5.47: Scope 1. This Section applies to measures of a Party affecting the supply of designated legal services in addition to Chapters 1, 2, 3, 4 of this Title and to Sections 1 and 2 of this Chapter. 2. Nothing in this Section shall affect the right of a Party […]

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Services Existing Measures Annex EU UK Agreement

ANNEX SERVIN-1: EXISTING MEASURES Headnotes 1. The Schedules of the United Kingdom and the Union set out, under Article SERVIN 2.7 [Non- conforming measures – Investment liberalisation], Article SERVIN.3.6 [Non-conforming measures – Cross-border trade in services], and Article SERVIN 5.50 [Non-conforming measures – Legal services] the reservations taken by the United Kingdom and the Union […]

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Services Future Measures Annex EU UK Agreement

ANNEX SERVIN-2: FUTURE MEASURES Headnotes 1. The Schedules of the United Kingdom and the Union set out, under Article SERVIN 2.7 [Non- conforming measures – Investment liberalisation], Article SERVIN.3.6 [Non-conforming measures – Cross-border trade in services] and Article SERVIN.5.50 [Non-conforming measures – Legal services], the reservations taken by the United Kingdom and the Union with […]

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Regulation and Services UK Summary

Title II – Trade in Services and Investment The Agreement establishes the treatment and level of access the UK and EU have agreed to grant each other’s service suppliers and investors. These provisions will offer businesses and individuals the certainty and support they need to continue trading profitably with the EU, while maintaining the UK’s […]

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Financial Services

PART 9 – Financial Services: Settlement Finality Minister for Finance Head 9-1. Interpretation Explanatory Note: This head is a standard legislative provision to provide for the inclusion of additional definitions. Head 9-2. Temporary designation of relevant arrangement Explanatory Note: This head provides for the temporary designation of settlement systems already designated by the Bank of […]

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Bus Services

PART 13 – Third Country Bus Services Minister for Transport, Tourism and Sport  Head 13-1. Definition Explanatory Note: This Head provides a definition for the purposes of Part 13. Head 13-2. Continuation of international carriage of passengers by road Explanatory Note: This Head gives a new power to the Minister to make regulations under the […]

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Services 2020 Irish Gov Guidance

Trade in Services 2.1.   Trade in Services From 1 January 2021, regardless of the outcome of ongoing negotiations, the UK will no longer apply the rules of the EU’s Single Market for Services. This will mean an end to the automatic facility in EU law that has generally allowed UK businesses, as businesses established in […]

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Services & Business Travel; Switzerland

Guidance Switzerland: providing services and travelling for business Guidance for UK businesses on rules for selling services to Switzerland. From: Department for International Trade, Department for Business, Energy & Industrial Strategy, and Foreign, Commonwealth & Development Office Published 19 March 2019 Last updated 5 May 2021 — See all updates Contents Trade and services regulations in Switzerland Services […]

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Digital Services

Regulatory / Doing Business Issues This article deals with certain issues that may arise in relation to  digital services business in the UK post-Brexit. Digital services businesses are  not directly regulated / licensed but are subject to some common EU wide rules. These rules may or may not diverge after Brexit depending on how Brexit […]

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VAT on Services Overview

VAT on Services B2B The rules in relation to VAT on services are potentially complicated. The place where VAT is charged depends on the nature of the service. This may, in some cases, require registration by the trader in the other jurisdiction even under the existing rules. The basic rule is that VAT is chargeable, […]

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UK Position Services

Cross-Border Trade in Services 34. The Agreement should promote trade in services and investment by providing service suppliers and investors with certainty and transparency about their future operating environment. The Agreement should enhance cooperation between the parties and competent authorities, and facilitate trade through provisions on issues such as the recognition of professional qualifications. 35. […]

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Services

EU UK Agreement on Services The EU UK Trade and Cooperation Agreement guarantees market access; requiring that service suppliers and investors should not face limitations such as economic needs test restrictions on corporate form and equity caps. national treatment; non-discriminatory treatments between UK and EU service suppliers and investors local presence; limited ability to require […]

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WTO Framework for Services

GATS The 1990s saw the first general multilateral agreement of trade in services at the WTO level (GATS). This agreement is much less developed, less extensive and much more conditional than the (GATT) agreement on goods. Unlike the rapid development of the agreements in goods between the 1940s and 1990s gradually eliminating most tariffs, there […]

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Trade in Services- Some Issues

Trade in services: Parting with the EU?  December 20, 2019 Ilze Jozepa, Steve Browning Leaving the EU will change how UK service businesses like law firms, banks, insurers, architects and tour operators trade with the EU. Whatever choice the UK makes, departing from Single Market rules will inevitably mean more barriers to trade. As the Confederation of […]

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EU Negotiation Directives Services

PART II: ECONOMIC PART 1. OBJECTIVES AND PRINCIPLES 16. The envisaged partnership should include an ambitious, wide-ranging and balanced economic partnership. This partnership should be comprehensive, encompassing a free trade agreement as well as wider sectoral cooperation where it is in the Union interest. It should be consistent with the applicable World Trade Organization (WTO) […]

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Data & Financial Services

Important Notice- See the Disclaimer Below Brexit Legal, McMahon Legal and Paul McMahon have no liability arising from reliance on anything contained in this article nor on this website

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Providing Services in Ireland

Ireland: providing services after EU Exit Guidance for UK businesses about Irish rules and regulations on service provision if the UK leaves the EU without a deal. Published 19 March 2019 From: Department for International Trade, Department for Business, Energy & Industrial Strategy, and Foreign & Commonwealth Office Contents General information What do UK businesses […]

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Financial Services General Issues

General impact on Financial Services Sector On the face of it, Brexit has the potential to severely impact the UK financial services centre generally. For prudential or capacity to do business purposes and for the purpose of the sale of financial products and services in the EU, most of the key types of financial services […]

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Various Services

Tourism, education and health-related travel services UK trade in tourism, education and health-related travel services 241.Of the sectors covered by this inquiry, only trade in travel services falls under WTO (GATS) mode 2 (‘consumption abroad’), whereby a consumer of services travels to the location of the service provider. While a traveller is defined as a […]

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Professional Business Services

Professional business services Business services are the UK’s largest services export, accounting for 44% of all the UK’s trade in non-financial services. After financial services, they also provide the UK with its biggest trade surplus: global trade generated a surplus of £30 billion in 2015. The EU also remains a key trading partner. It is […]

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Non-Financial Services II

Frameworks for trading non-financial services 38.Unlike trade in goods, trade in services is rarely directly affected by tariffs (the duties imposed on goods entering a country), but can be significantly affected by non-tariff barriers. Non-tariff barriers include restrictions on the ability of a service provider to establish itself or operate in a different country, and […]

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Non-Financial Services

UK trade in non-financial services 15.The UK is a leading exporter of services globally, second only to the US.11 Services account for 44% of the UK’s total global exports, and the majority of services exports are in non-financial services (72%). As with goods, the EU remains a key trading partner and is the destination of […]

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Air Services

Air services Air services in the UK 202.Air services are a key part of what the ONS defines as ‘transportation services’, namely services associated with the international movement of goods (forexample, freight shipping, road haulage and air cargo) and the international movement of people (through air passenger, road and rail services).277 Imports are transportation services […]

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Digital Services

Digital services Digital services in the UK 126.The ONS measures trade in telecommunication, computer and information services, which includes trade in “computer, news agency and other information provision related service transactions”, and telecommunications services including the “broadcast or transmission of sound, images, data or other information.” In 2015, the UK had a sizeable surplus in […]

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Environmental Services

Description of sector The water and waste sectors provide essential infrastructure and services to homes and businesses in the UK. The Current EU Regulatory Regime Summary European legislation plays a greater role in determining the shape and size of the waste market than in water. Regulations include: – those relating to activities that have a […]

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Payment Services

Description of the Sector Payment systems and services provide the means by which funds are transferred electronically between payers and payees – as such they are a vital element of the domestic and international economic system.Payment systems are the plumbing of the financial system. Each one consists of a set of rules and procedures that […]

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Professional Services

The current EU regulatory regime PBS sectors are generally regulated at domestic level, rather than at EU level. The EU Single Market therefore generally serves to remove barriers to trade in services that could otherwise be introduced by domestic rules, including discriminatory prohibitions, disproportionate regulation, and barriers to the free movement of persons providing and […]

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Services, Companies & Firms

Effect of Brexit In the absence of no Brexit or a very limited Brexit, it  appears that the general EU right to provide services based on the establishment in one state in other states and to establish branches and local establishments in a host  state based on home state regulation, will cease. Across various sectors […]

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Ireland and Services Issues

Regulation of Services The regulation of services usually involves the authorisation, licensing and qualifications of the service provider. This may involve the authorisation or licensing of a company or firm, an individual service provider or in some cases, both the company or firm and individuals within it. The general principle under European Union law is […]

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Financial Services EU Preparedness

Brexit Preparedness Seminar on Financial Services Council Working Party(Article 50 Format) 15 November 2018 Agenda • 1. Key issues • 2. What has been done • 3. Residual sectoral issues • 4. Additional action and communication • 5. Looking ahead Key issues 1) The loss of the EU passport in Financial services • UK will […]

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Financial Services

Dec 2018 Financial Services The Central Bank has the statutory responsibility for financial stability and has been working with the Department of Finance on Brexit-related issues since before the UK Referendum. The Department of Finance engages onan ongoing basis with the Central Bank and the NTMA on issues relevant to financial stability and financial services. […]

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Place of VAT Liability for Services HMRC

Guidance Place of supply of services (VAT Notice 741A) This notice explains how to determine the place of supply of your services and how to deal with supplies of services which you receive from outside the UK. Published 24 February 2010 Last updated 31 December 2020 — see all updates From: HM Revenue & Customs […]

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VAT on Freight Transport Services HMRC Guidance

Guidance Freight transport and associated services (VAT Notice 744B) How to account for VAT on services when a vehicle, ship or aircraft is provided, together with a driver or crew for the transport of goods. Published 24 December 2009 Last updated 31 December 2020 — see all updates From: HM Revenue & Customs Contents Detail 1. […]

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VAT on Services

VAT on Services The position in respect of VAT on services is complicated and depends on the particular service involved. The position is dealt with in detail in other sections of this website. Under both Irish and UK legislation, VAT is usually charged in “place of supply”. The starting point is that this is where […]

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VAT on Services EU / Non-EU Issues

VAT and Services VAT applies to the supply of services by a taxable person in the furtherance of business in the State.  Services are very broadly defined. They extend to include the performance or omission of any act and even the toleration of a state of affairs. VAT is charged in respect of the supply […]

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Services

Regulations of Services In the case of services, regulation normally applies with reference to the authorisation, licensing status and qualifications of the service provider. A range of services providers must be licensed or authorised by a competent authority in an EU member state in accordance with common EU standards. The general principle is that a […]

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Financial Services

Banking and Payments There are common EU rules in the area of banking and payment services. The EU directives on access to the activities of credit institutions and investment firms provide for common prudential standards on supervision. After Brexit UK entities providing banking and payments services and e-money issuing may no longer rely on their […]

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Brexit & Financial Services

EU Financial Services Legislation Most EU legislation on financial services is agreed between the European Parliament and (the member states in) the EU Council. Most decisions are taken by a qualified majority vote. Where fiscal and taxation provisions are involved, the decision must be unanimous. In this context, financial services include banks, insurance companies, investment […]

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Investment Services

Investment Services The granting and the renewal of authorisations for investment firms is undertaken in the home member state.  The competent authority (the central bank) must ensure that the investment firm has sufficient additional resources for its activities that the persons directing it have sufficient integrity professional experience and that the holders of interests in […]

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Shipping Services

Market in Sea Transport An EU regulation provides freedom to supply services, competition and free access to the market in sea transport.  A separate directive deals with the freedom to provide services in sea transport between states.  EU nationals and non-EU companies registered in the EU and controlled by EU nationals have the right to […]

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Postal Services

Liberalisation The European Union Directive on postal service liberalizes access to the postal market. The directive established a timeframe for progressive liberalization in two stages: On 1st January 2003 letters weighing less than 100 gram of which the postage cost is over three times that of a standard letter. On 1st January 2006 letters weighing […]

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Electronic Communications Services

Independent Regulation and Competition The EU has sought to introduce competition into the provision of electronic communications. The liberalisation also extends to directories, telephone enquiries, frequencies, TV, satellites and cable networks. A regulatory framework for electronic communications has been established.  The principal purpose is to facilitate market entry. The EU rules establish a harmonized framework […]

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Information Society Services

Directive on Information Society Services The EU Directive on e-commerce facilitates the sale of goods and supply of services over the internet within the EU. It is designed to contribute to the proper functioning of the internal EU market by ensuring free movement of “information society services” between member states.  The Directive covers online activity […]

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Services (UK White Paper)

Services and investment The UK is world leading in many services sectors, including legal, business and financial services. In 2017, services made up 79 percent of total UK GVA worth £1.46 trillion.10 In 2017, 21 percent of EU27 services imports came from the UK, and 20 percent of EU27 services exports went to the UK.11 […]

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Goods and Services

Customs Union Goods  and Regulation The general level of customs tariff is relatively low on average; approximately four per cent. Quotas are restricted in trade between WTO parties. Agricultural goods are subject to exceptions. Preferential quotas and tariffs subject to quotas may be negotiable in relation to agricultural products. Tariff-free access for goods to the EU […]

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The Services Directive

The Services Directive European Union law gives businesses established in one European Union country the freedom to provide services in or provide services to another European Union country. Numerous directives and laws which have been introduced by the European Union over the last 40 years in order to harmonise laws and standards in relation to […]

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WTO and Trade in Services

General Agreement on Trade in Services (GATS The Uruguay Round commencing in 1986, sought to extend the scope of the GATT to include an international multilateral Agreement on Trade in Services. This ultimately resulted in the General Agreement on Trade in Services (GATS), which commenced in 1995. GATS applies to measures by state members affecting […]

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GATS & Financial Services

GATS Services Commitments Most WTO Member States submitted Schedules of Commitments in relation to services pursuant to GATS.The schedules are required to be classified in accordance with 12 principal sectors. States are not obliged to make a commitment in respect of each sector. The principal sectors are business services advertising, market research, consulting, computing, communication; […]

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Financial Services UK No Deal Notes

Purpose The purpose of this notice is to provide stakeholders (including personal and business customers of financial services firms and funds, and financial services firms, funds and financial market infrastructure) with information about the impact of the UK leaving the EU without a deal, and the government’s approach to ensuring that we have a functioning […]

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UK Financial Services Proposal [Jul 2018]

Overview: key features of the UK position In our White Paper, we describe these features as ultimately achieving: Principle of autonomy; Each Party to determine its own rulebook and assess whether access to its market is maintained. Expanded scope of activities permitted cross-border • Currently not sufficient for the breadth of interconnectedness between our markets • Prioritising the […]

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Financial Services [Ireland]

Financial Services: Settlement Finality (Third Country Provisions) Department of Finance Euronext Dublin, formally known as Irish Stock Exchange, uses a UK based CSD (CREST) operated by Euroclear UK and Ireland to settle trades in Irish equities and exchange traded funds. In a no-deal Brexit scenario, under the CSD Regulation, Euronext Dublin would not be able to continue […]

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Coach Services UK No Deal Notes

Purpose This notice provides guidance for UK bus and coach operators on the implications for access to EU markets in the unlikely scenario that the UK leaves the EU in March 2019 with no agreement in place. Before 29 March 2019 (may also apply to new exit date on 31 December 2020) Currently UK bus and coach operators carrying out international journeys must hold a Standard […]

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Services in UK Post-Deal Guidance

Guidance Providing services and setting up a business Steps to take if you want to provide a service or set up a business in the UK. Published 31 December 2020 From: Department for Business, Energy & Industrial Strategy Contents Providing a service Set up a business in the UK Print this page Providing a service […]

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NI Prof Services Guidance

Brexit Transition: How-To-Prepare Guide for Northern Ireland Professional Services Sector New business rules start on 01 January 2021. If you are a Northern Ireland professional services sector business, there are important steps that you can take now to prepare for changes. This guide highlights some of the most important actions. For further guidance, access our […]

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Financial Services Regs HL Report

Financial services and markets regulations In Focus Published Thursday, 05 November, 2020 In Focus Brexit & the EU Economy Thomas Brown The House of Lords is scheduled to debate four statutory instruments relating to the financial services and markets sector on 10 November 2020. Three of them relate to the UK’s withdrawal from the European Union. […]

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