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Europe Brexit: An agreement has been reached – what does the successful conclusion of the negotiations mean?

Fol­low­ing the Unit­ed King­dom’s with­draw­al from the Eu­ro­pean Union on 1 Febru­ary 2020, the agreed tran­si­tion pe­ri­od is end­ing on 31 De­cem­ber 2020. This means that the UK will leave the sin­gle mar­ket and the cus­toms union, and that EU rules will no longer ap­ply to it. Be­low you can find some ini­tial in­for­ma­tion is­sued by the Ger­man gov­ern­ment. The Ger­man Fi­nance Min­istry is cur­rent­ly re­view­ing the new agree­ment and will be pro­vid­ing ex­ten­sive de­tails on this page in the next few days.


Brexit preparedness

On 29 March 2017, the Unit­ed King­dom no­ti­fied the Eu­ro­pean Coun­cil of its in­ten­tion to with­draw from the Eu­ro­pean Union in ac­cor­dance with Ar­ti­cle 50 of the Treaty on Eu­ro­pean Union. The Eu­ro­pean Com­mis­sion has cre­at­ed a ded­i­cat­ed page on Brex­it pre­pared­ness, which pro­vides com­pre­hen­sive in­for­ma­tion on pre­pared­ness no­tices, leg­isla­tive ini­tia­tives and oth­er pre­pared­ness ac­tiv­i­ties.


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Brexit and Financial Markets

The Ger­man Fed­er­al Fi­nan­cial Su­per­vi­so­ry Au­thor­i­ty (BaFin) an­swers fre­quent­ly asked ques­tions on Brex­it. The in­for­ma­tion is par­tic­u­lar­ly rel­e­vant for UK banks and in­sur­ers that would like to open branch­es or es­tab­lish sub­sidiaries in Ger­many, as well as providers and is­suers of se­cu­ri­ties.


Brexit and Customs

In the event of a no-deal Brex­it, the UK will be treat­ed as a third coun­try, which will have a sig­nif­i­cant im­pact on the move­ment of goods be­tween the UK and the EU. Al­though the re­sult­ing re-in­tro­duc­tion of cus­toms du­ties, for­mal­i­ties and con­trols would add sig­nif­i­cant pro­ce­du­ral hur­dles to trade with the UK, the Ger­man gov­ern­ment and the Ger­man cus­toms ad­min­is­tra­tion are care­ful­ly prepar­ing for this sce­nario.


Brexit and taxation

The Act on Tax­a­tion-Re­lat­ed Pro­vi­sions con­cern­ing the With­draw­al of Great Britain from the EU con­tains tax pro­vi­sions in­tend­ed to pre­vent le­gal dis­ad­van­tages aris­ing sole­ly as a re­sult of Brex­it for tax­pay­ers who have com­plet­ed all es­sen­tial tax-rel­e­vant ac­tions pri­or to Brex­it.


Brexit and budgetary issues

This ar­ti­cle pub­lished in the Fed­er­al Min­istry of Fi­nance’s Novem­ber 2018 Month­ly Re­port puts a spot­light on the ne­go­ti­a­tions on the 2021-2027 mul­ti­an­nu­al fi­nan­cial frame­work. The Eu­ro­pean Union needs a bud­get that is mod­ern and fu­ture-proof.


Brexit-related information from the Federal Foreign Office

As the lead min­istry for the Brex­it ne­go­ti­a­tions, the Fed­er­al For­eign Of­fice has a ded­i­cat­ed page on how the Ger­man gov­ern­ment is prepar­ing for Brex­it. The Fed­er­al For­eign Of­fice is en­sur­ing that Ger­man in­ter­ests and ob­jec­tives are tak­en in­to ac­count by the EU in the ne­go­ti­a­tions.


Brexit-related information for banks

The Deutsche Bun­des­bank pro­vides in­for­ma­tion re­lat­ing to bank­ing su­per­vi­sion, i.e. for fi­nan­cial in­sti­tu­tions that may want to re­con­sid­er their lo­ca­tion strat­e­gy. The Bun­des­bank has al­so set up a ded­i­cat­ed phone num­ber and e-mail ad­dress for fi­nan­cial in­sti­tu­tions af­fect­ed by Brex­it.