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ARTICLE · 30 OCTOBER 2020

Brexit Update - October 2020

ELVINGER HOSS PRUSSEN, société anonyme
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Since the UK's withdrawal from the EU on 31 January 2020, in accordance with the Withdrawal Agreement concluded between the UK and the EU to ensure an orderly departure and legal certainty,

European UnionFinance and Banking

Since the UK's withdrawal from the EU on 31 January 2020, in accordance with the Withdrawal Agreement  concluded between the UK and the EU to ensure an orderly departure and legal certainty, EU law continues to apply to and in the UK in important areas during the transition period ending 31 December 2020. The UK having refused an extension as allowed by the Withdrawal Agreement, the transition period will necessarily end on 31 December 2020.

In July 2020, the European Commission issued a Communication on readiness at the end of the transition period between the EU and the UK (see the link  here) as well as a Brexit Readiness Checklist (see link  here). Indeed, even if the EU and the UK conclude a partnership by the end of 2020 covering all areas agreed in the Political Declaration  relating to their future relationship, the UK's withdrawal from the EU acquis, the internal market and the Customs Union will, at the end of the transition period, inevitably create new

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