How Brexit will influence your company? - update

We refer to our previous article on Brexit and its consequences for your company.

In the meantime, no agreement has yet been reached and, more so, the UK has been granted a Brexit postponement by the EU until 31 October.

The draft law provides a temporary answer to a number of difficulties that will occur in the event of a no-deal Brexit.

The following items are covered by the draft law:

• Asylum and migration and in particular the right of residence of United Kingdom nationals and members of their families;
• Employment: For starting jobs, young UK workers under 26 will be treated as EU citizens for a transitional period;
• Social Affairs: the effects of Brexit in the various branches of social security will be temporarily regulated;
• Finance: the obligations that investment services companies must comply with, and the status and control of asset management and investment advisory companies will be modified. The aim is to empower the King to establish specific rules regulating these enterprises and activities, in order to align them to some extent with the regime provided for by the law of a Member State of the European Union.
• Economy: new rules relating to the activities and supervision of insurance intermediaries who carry out activities of "authorised subscriber" will be introduced. This is to cater to a market of UK authorised subscribers who place specialised insurance policies with insurance companies to cover non-conventional business risks such as marine insurance, transport insurance by air, sea or on the road, insurance of major construction projects. The coverage of such risks is essential for the activities of a large number of Belgian companies.

We will keep you informed about this matter and we will be happy to assist you if you have questions or problems.