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Brexit recap: Where we are and how to do business in uncertainty

The UK Conservative Party leadership race is in full swing, with candidates making a number of promises and pledges relating to Brexit.  In light of this, it is instructive to recap the basic legal position in which the UK finds itself and how we got here.

FCA extends Temporary Permissions Regime deadline to 30 October 2019

The Financial Conduct Authority (FCA) has confirmed that the deadline for notifications for the temporary permissions regime (TPR) will be extended to the end of 30 October 2019. This extension applies only to firms that will be solo-regulated by the FCA. Firms that will be regulated by the Prudential Regulation Authority, that is, credit institutions and insurers, can no longer submit a notification to enter the TPR as their deadline was 11 April 2019.

Pro Bono Brexit Project: Belonging

In partnership with PositiveNegatives, Kids in Need of Defense UK and The Project for the Registration of Children as British Citizens (PRCBC) , we have launched Belonging. Belonging is a pro bono initiative, in part focused on raising awareness of the citizenship law rights of the children of Swiss and EEA national parents living in the UK. Brexit has caused a spike in people making decisions around citizenship. Through a series of three communication tools, we hope to be able to better equip people with the right knowledge to make these decisions.

What do products companies need to know?

If the UK and the EU are unable to agree a way forward or a further extension by 12 April, the UK will leave the EU without any transition period. Approved by Parliament and awaiting ministerial signature, the draft Product Safety and Metrology etc. (Amendment etc.) (EU Exit) Regulations 2019, will amend domestic product safety legislation in the event of a "no deal".

1.5% SDRT and no-deal Brexit

The UK’s 1.5% SDRT charge on an issue of shares to a clearance service or depositary receipt system is not currently being collected because it was found to be contrary to EU law. The government has said it will not reinstate this charge after the UK leaves the EU. Further comfort can be taken from the legal position: an analysis of the Vidacos and BNY cases, EU law and the European Union (Withdrawal) Act 2018 suggests that, in the event of a no-deal Brexit, the charge will still not apply.

New UK MHRA No Deal Guidance

With the possibility of the UK leaving the EU on 29 March 2019 (a "no deal" Brexit) still on the table, life sciences companies are continuing their "no deal" preparations.

Italy Temporary Permissions Regime (TPR) for hard Brexit

Following the Ministry of Economy and Finance press release of 24 January 2019, last night the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the "Decree").

Brexit: Italian measures for UK insurers and intermediaries

On 20 March, the Italian Government approved the law decree aimed at ensuring financial stability and market integrity in the event of hard Brexit (the “Decree”). The final version of the Decree is expected to be issued soon and will enter into force upon the publication on the Official Journal. Amendments in the final version of the Decree cannot be excluded at this stage, but significant deviations from the below are not expected as the Decree was presented and approved on the same day.

Brexit: the impact on supplementary protection certificates (SPCs)

On 6 February 2019 the House of Commons and House of Lords approved The Patents (Amendment) (EU Exit) Regulations 2018 (Patent SI), which, if it is signed into law, will come into force on Brexit day (i.e. 29 March 2019 or such later date as agreed as part of an extension).

Payments: SEPA - A successful transition

The European Payments Council Board has announced that it has approved the application from UK Finance for the continued participation of UK payment service providers in the SEPA schemes after 29 March 2019 in the event of a no-deal Brexit.

Brexit and your prospectuses

The events surrounding the Brexit negotiations continue to be in a state of flux - but we do have some clarity around the status of the Prospectus Regulation in the UK whatever the outcome of the UK Government's negotiations with the EU.

Poland: official position of the competent authority on consequences for medical devices in the event of a no-deal Brexit

On 1 March 2019, the President of the Polish Office for Registration of Medicinal Products, Medical Devices and Biocidal Products issued yet another communique concerning consequences of Brexit, this time with respect to the medical devices.