On 24 July 2018, HM Treasury published a draft version of the EEA Passport Rights (Amendment, etc, and Transitional Provisions) (EU Exit) Regulations 2018.
Among other objectives, the draft Regulations aim to:
- Remove references to passporting set out in the Financial Services and Markets Act 2000 and in other UK legislation, in preparation for Brexit; and
- Establish a temporary permissions regime for EEA firms currently operating in the UK to enable their continued use of a passport for a limited period after Brexit (the Regulations envisage a 3 year period).
The Regulations are intended to be laid before Parliament in Autumn 2018 with the majority of the temporary permissions regime regulations to come into force on the day after which the Regulations are made. The remainder will come into force on Brexit.