Hard Brexit Impact Analysis

Page 38 of 106 Category If no agreement is reached: Consequence EU Document Finance credit rating agencies Endorsement. As of the withdrawal date Ratings issued by a CRA established in a third country which is part of a group to which a CRA established in the EU and registered by ESMA belongs can be "endorsed" provided that certain conditions are met in accordance with Article 4(3) CRA Regulation. When "endorsed", ratings may be used for regulatory purposes. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CREDIT RATING AGENCIES Finance credit rating agencies Prospectus. As of the withdrawal date in accordance with Article 4(1) of the CRA Regulation where a prospectus contains a reference to a credit rating or credit ratings issued by a CRA established in the United Kingdom, it will need to include clear and prominent information stating that those credit ratings are not issued by a credit rating agency established in the EU and registered under the CRA Regulation. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CREDIT RATING AGENCIES Finance Excise duties As or the withdrawal date The movement of goods which enter the excise territory of the EU from the United Kingdom or are dispatched or transported from the excise territory of the EU to the United Kingdom will respectively be treated as importation or exportation of excise goods The importation or export of excise goods will require additional documentation and may be subject to additional taxes and duties. WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION Finance Excise duties As of the withdrawal date The Excise Movement and Control System (EMCS) on its own will no longer be applicable to excise duty suspended movements of excise goods from the EU into the United Kingdom, but those movements will be treated as exports, where excise supervision ends at the place of exit from the EU. Movements of excise goods to the United Kingdom will therefore require an export declaration as well as an electronic administrative document (e-AD). This applies to all alcohol products and other excisable products WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION Finance Excise duties As of the withdrawal date Movements of excise goods from the United Kingdom to the EU will have to be released from customs formalities before a movement under EMCS can begin. This applies to all alcohol products and other excisable products WITHDRAWAL OF THE UNITED KINGDOM AND EU RULES IN THE FIELD OF CUSTOMS AND INDIRECT TAXATION