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Belgian Brexit law – Financial Services - Transitional period in case of no-deal

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On 23 December 2020, an amendment to the Belgian Brexit law has been published which may have an impact on UK banks and financial services providers who are active in Belgium.

The amendment allows the government in case of a no-deal Brexit to provide for a transitional period for such entities that, as a result of Brexit, lose their European passport and have not yet obtained the authorisation to exercise their activities or provide their services in Belgium as from 1 January 2021.

These entities may continue to provide their services in Belgium provided that:

  1. They are duly authorised in the UK for the activities they perform or services they provide;
  2. They only intend to provide these services in Belgium to non-consumers; and
  3. These services can only be provided in Belgium after the relevant entities have submitted an application for the required license or registration with the competent Belgian regulator.

This transitional period will be no longer than 12 months.

If you have any questions about the possible implications for your business, please contact one of us directly via the practices/industries on the left side of this page or send an e-mail to brexit@lydian.be.

Send an e-mail to brexit@lydian.be

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