Hard Brexit Impact Analysis

Page 28 of 106 Category If no agreement is reached: Consequence EU Document Environment Waste All exports are only permitted if there is sound evidence that the recovery and/or recycling in the United Kingdom takes place under conditions that are broadly equivalent to those prescribed by the Union legislation. WITHDRAWAL OF THE UNITED KINGDOM AND EU WASTE LAW Finance Banking services As of the withdrawal date, the EU rules in the field of banking and payment services, in the internal market (PSD) will no longer apply to the United Kingdom. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services AUTHORISATIONS: As of the withdrawal date UK entities providing banking and payment services, as well as e-money issuing, will no longer benefit from the authorisation to provide those services and activities in the Union (they will lose the so-called "EU passport"). UK entities will no longer be allowed to provide services in the EU on the basis of their current authorisations. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services Authorisations: Branches. As of the withdrawal date UK entities authorised by United Kingdom competent authorities which have established branches in other Member States will have to comply with the rules of the host Member State applicable to branches of entities having their head office in a third country including the requirement to be validly authorised by the relevant competent authority of the host Member State in accordance with these rules. The services provided by these branches will as well be subject to the relevant requirements which are set out in the EU legal framework. In Ireland, branches of banks established in the UK will have to comply with Irish and EU laws WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES Finance Banking services Authorisations: Payment institutions: As of the withdrawal date Payment institutions authorised by United Kingdom competent authorities, as of the withdrawal date, will not be allowed to provide payment services in the territory of the Union cross-border or through the use of branches located in the Member States. The services provided by these branches will as well be subject to the relevant requirements which are set out in the EU legal framework. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF BANKING AND PAYMENT SERVICES