The end of the common market for payment and financial services from the UK

On 31 December 2020, the Brexit transition period ends. Although the negotiations of the partnership agreement between the EU and the United Kingdom were successful, British entrepreneurs from the payment and financial services industry did not gain additional time as a gift to continue operating in the EU under the existing rules (e.g. as part of passporting services or the cross-border activities of former branches). This means that as of 1 January 2021, in order to be able to continue operating, inter alia, in Poland, appropriate administrative permits (in Poland in particular from the Polish Financial Supervision Authority) are required, the obtaining of which is time-consuming. Entities that have not adapted to the new legal environment on time should temporarily cease operations in Poland (and in other EU Member States) until they comply with the relevant national regulations.

Trend observations will be extremely interesting from the compliance point of view.