The UK departed from the EU on 31 January 2020 and entered into a transitional arrangement. During the transition period, the UK will be treated as if it were still a member of the EU and the EEA, with the same duties and rights. However, UK authorities will not be represented in the EU's decision-making bodies. The transition period ends on 31 December 2020.
Finanstilsynet would like to remind financial institutions, investment firms and other undertakings offering financial services to consider the risks, consequences and necessary measures resulting from the UK's exit from the EU and the EEA.
More information on the importance of Brexit for Norway and Norwegian interests can be found on the Norwegian government’s website:
European financial markets are closely integrated. The financial supervisory authorities in the EEA states therefore cooperate on assessing risks associated with the UK leaving the EU. The cooperation is generally coordinated within:
- EBA (European Banking Authority)
- EIOPA (European Insurance and Occupational Pensions Authority)
- ESMA (European Securities and Markets Authority)
The European supervisory authorities (ESAs), of which Finanstilsynet is a member, prepare and publish statements and recommendations concerning the UK's exit from the EU that are relevant to undertakings providing financial services, including Norwegian undertakings under the supervision of Finanstilsynet.. In this context, the term ‘EU countries’ in statements from the ESAs are to be read as ‘EEA countries’, which also include Iceland, Liechtenstein and Norway.
Are you a customer of an undertaking licensed in the UK?
Consumers who have agreements with UK financial institutions, investment firms and other undertakings offering financial services may contact the undertaking for information on the potential impact of the UK's exit from the EU on their customer relationship and existing agreements.