Brexit - Transitional regime applicable to financial entities based in the United Kingdom

Bearing in mind the end of the transition period approved by the Withdrawal Agreement of the United Kingdom on 31st December 2020, the DL106/2020 was published on 23rd December which approved the transitional regime applicable to the provision of financial services in Portugal by entities headquartered in the United Kingdom, which may continue to do so in Portugal until 31st December 2021, thus avoiding disruption to services and activities provided in Portugal to investors and other consumers of financial services.

The aforementioned Decree Law was published with the end of the transition period of the Withdrawal Agreement of the United Kingdom from the European Union (Brexit) on 31st December 2021 (the Brexit transition period) in mind and regulates the way in which credit institutions, investment companies, insurance companies, payment institutions and electronic money institutions authorised in the United Kingdom that act in Portugal under the freedom of establishment and the free provision of services, may continue to provide services after the Brexit transition period, similar to the previous Decree Law 147/2019 of the 30th September 2019, published before the signing of the Withdrawal Agreement.

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