Brexit Countdown – 22 December – 10 days to go

warm-and-cozy-1975215_640Christmas is the main thing on our mind, and the hangovers from the Christmas parties are still fresh in our memories.

Sorry, that was last year. Wearing a silly hat on a Zoom call at three in the afternoon really doesn’t count as a night out. I’m planning on having a mince pie, a beer, and a festive viewing of ‘Die Hard’ tonight (a much underrated Christmas movie), in lieu of the more traditional office get-together.

With negotiations continuing regarding a possible trade deal with Europe (at time of writing), Brexit and Covid-19 are unfortunately still at the top of the agenda.

Government Guidance

With only 10 days to go, at the end of a year-long transition period, the government guidance for some aspect of cross border interaction remains inadequate. It is important that regular (by which I mean daily) reviews take place of the areas affecting your business.

Examples of immediate concern to some financial services firms would be the rules regarding the transfer of cash or tokens for third party identification in transactions.

The official guidance on a potential need to make a declaration prior to moving cash, even within the UK (to Northern Ireland or back from the mainland), remains as ‘More guidance will be published as soon as possible’. This is repeated with almost monotonous regularity throughout the website.

It will be necessary to react to any changes of guidance immediately, when it becomes available, so don’t let your guard down over the coming holidays.

EU Communications

In these last few days, it’s important to ensure you remain on top of (inter-) governmental communications and this includes what is being published by the EU as well as the UK. A good source of data is the EU ‘Press Corner’ where information from the EU Commission Spokesperson’s Service is published.

This is available here.

Recently, they published a reminder of the EU Commission’s documents on sectorial guidance notes. Admittedly, the Banking, Investment and Insurance Services publications all date from July, but are still relevant.

Aside from the similarly aged Data Protection guidance, you may wish to be more selective in your reading to get through it all. I imagine that most of the readers of this article will have limited interest in the documents relating to pyrotechnics and plant reproductive material.

As always support and information of financial risk and regulation can always be received from your regular contact or by clicking on the link here.

Holiday wishes

With the culmination of Hanukkah last week, yesterday’s Solstice and the coming Christmas holiday, this is a time for reflection and family. We at FSTP wish you all the complements of the season, whatever you manage to do, within your ‘bubble’.

Yippee Ki Yay!!

Stuart Murdoch

Consultant

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