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Withdrawal Agreement Main Terms

3. The main objective of the part relating to the separation provisions (Articles 40-125) is to ensure legal certainty so that, at the end of the transition period, edough proceedings can be closed on the basis of the application of EU law, in accordance with EU law. This third part also contains the special provisions necessary for the eu`s orderly exit from the European Atomic Energy Community (Euratom). The EU and the UK have reached an agreement on the withdrawal agreement with a revised protocol on Ireland and Northern Ireland (abolition of the “backstop”) and a revised political declaration. On the same day, the European Council (Article 50) approved these texts. The political statement refers to the autonomy of regulation and decision-making of each bloc and its ability to make equivalency decisions in its own interest. From a British point of view, the latter reference to autonomy is less welcome when it comes to achieving considerable market access in equivalence. If one does not read about the objective of going beyond WTO obligations, there is no explicit reference to an extension of equivalence beyond the existing patch work. In this context, Steven Maijoor, President of the European Financial Markets Authority (ESMA), has already called for a comprehensive and harmonised European regime for trading platforms in third countries. The policy statement also refers to the fact that both parties begin to assess equivalence to each other as soon as possible after the withdrawal, so that they can be completed before the end of the second quarter of 2020. In order to allay the UNITED Kingdom`s concerns about the sudden withdrawal of equivalence, the documents promise “transparency and appropriate consultation in the process of accepting, suspending and withdrawing equivalency decisions.” We can also expect “close and structured cooperation” in regulation and oversight, as well as information exchange and consultation on regulatory initiatives of common interest, both at the political and technical level.

It is likely that, in some areas, the ACF may still contribute in one way or another to the European supervisory authorities and their development of post-Brexit policy. Additional certificates of protection are governed by EU law, but they are requested and issued as individual national rights. The withdrawal agreement confirms that N. SCS applications expired at the end of the transition period are granted and that they enjoy the same level of protection as existing CPS. The declaration on the future relationship between the European Union and the United Kingdom, also known as the Political Declaration, is a non-binding declaration, negotiated and signed at the same time as the mandatory and broader withdrawal agreement on the uk`s withdrawal from the European Union (EU), known as Brexit, and the planned end of the transition period. For 11 months, the UK will continue to comply with all EU rules and rules, it will remain in the internal market and customs union, and the free movement of people will continue. Among the main provisions of the withdrawal agreement are: the revised agreement has fewer tax obligations than the previous version. It states that the parties adhere to the principles of good fiscal governance and the fight against harmful tax practices. However, there is no reference to the Code of Conduct for Corporate Taxation (which was published in the previous version).

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