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EU: EBA calls on financial institutions to finalise preparations for the end of the Brexit transition period

The European Banking Authority ('EBA') announced, on 29 July 2020, that it had called on financial institutions to finalise preparations for the end of the transition period between the EU and the UK, that will expire on 31 December 2020. In particular, the EBA reminds to UK-authorised payment and electronic money institutions wishing to continue to offer services to EU-based customers that it is illegal for them to provide payment or electronic money services in the EU after 31 December 2020, unless they have been adequately authorised beforehand by an EU competent authority.

You can read the press release here.