As it stands, the UK will cease to be a member state of the European Union (EU) as of 30 March 2019.

On 24 November 2018, the UK and the EU agreed to enter into a Withdrawal Agreement (the Withdrawal Agreement). The Withdrawal Agreement provides in Article 127 (6) that during a transition period from 30 March 2019 to 31 December 2020 (the Transition Period), any reference in EU law to a member state of the EU shall include the UK.

Accordingly, the current passporting rules for cross-border services provided by banks, insurance companies and financial services providers from the UK into the EU, as well as the current passporting rules for branches established by UK banks, insurance companies and financial services providers in the territory of the EU to carry out banking business (including commercial lending), insurance business and other financial services in Germany would continue to apply during the Transition Period, provided that the Withdrawal Agreement is finally adopted and entered into by the UK and the EU.

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