In April 2019, the EU agreed to postpone the Brexit until 31 October 2019.
Until such date, the UK is still a member of the EU meaning that investment firms governed by UK law are still entitled to use their European passport to provide investment services and carry out investment activities in the European Economic Area (the “EEA”) on the basis, inter alia, of the freedom to provide services.
After 31 October 2019 at midnight, the UK will leave the EU meaning that, provided that no specific provisions are taken for the financial sector (hard Brexit), investment firms governed by UK law will no longer be entitled to use their European passport to provide investment services and carry out investment activities in the EEA. Instead, investment firms governed by UK law will qualify as third country firms.