UK: Government Issues Updated Guidance for Businesses and Citizens Regarding Financial Services Products in Case of No-Deal Brexit

On August 14, 2019, the UK government updated its guidance in regard to information for financial institutions in the event of the UK withdrawing from the EU without a deal in place. The guidance highlights that significant consequences will arise for UK and EEA firms engaged in cross-border activity in this scenario, as UK firms will no longer be able to exercise their passporting right.

The information provided seeks to clarify, among other things, the following:

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