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Clifford Chance

Spain prepares for 'no-deal Brexit'

  • Contracts for the provision of banking, securities, insurance or other financial services entered into in Spain by UK regulated entities before Brexit will remain in force following a "no-deal Brexit".
     
  • UK entities must obtain a new authorisation under the relevant third-country authorisation regime to amend existing contracts or to enter into new ones.
     
  • Existing licences will remain in force in relation to the activities linked to the servicing of the existing contracts which require authorisation for a period of nine months in order to enable the termination or assignment of existing contracts or the application for a new third-country authorisation.
     
  • Contracts entered into after Brexit Day are out of scope, so UK entities will not be allowed to enter into new contracts thereafter until (and if) a new third-country authorisation is obtained.
     
  • The transitional measures will enter into force on Brexit Day, unless a withdrawal agreement between the EU and the UK enters into force before such date.

Briefings

04 March 2019

SPAIN PREPARES FOR 'NO-DEAL BREXIT'

Key issues

  • Contracts for the provision of banking, securities, insurance or other financial services entered into in Spain by UK regulated entities before Brexit will remain in force following a "no-deal Brexit".
     
  • UK entities must obtain a new authorisation under the relevant third-country authorisation regime to amend existing contracts or to enter into new ones.
     
  • Existing licences will remain in force in relation to the activities linked to the servicing of the existing contracts which require authorisation for a period of nine months in order to enable the termination or assignment of existing contracts or the application for a new third-country authorisation.
     
  • Contracts entered into after Brexit Day are out of scope, so UK entities will not be allowed to enter into new contracts thereafter until (and if) a new third-country authorisation is obtained.
     
  • The transitional measures will enter into force on Brexit Day, unless a withdrawal agreement between the EU and the UK enters into force before such date.
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