On 29 July 2020, the European Banking Authority (EBA) issued a press release reminding financial institutions that the transition period will expire on 31 December 2020, and that UK-based financial institutions will no longer be able to passport their services into the EU. The EBA states that UK financial institutions wishing to operate in the EU and offer services to their EU customers should ensure that they have obtained the necessary authorisations and effectively establish themselves before the end of the transition period. The EBA sets out in its press release those opinions and communication statements it had previously produced for a no-deal Brexit. The EBA states that the messages highlighted in those documents remain valid in light of the end of the transition period.