European Economic Area (EEA) national meaning

In this issue: Spring Budget 2024 Brexit UK, EU and international regulators and bodies Authorisations, approvals and supervision Prudential requirements Financial crime and sanctions Complaints, compensation and claims handling Investigations, enforcement and discipline Capital markets regulation Benchmark regulation and IBOR reform Derivatives regulation Dispute resolution for financial services lawyers Sustainable finance and ESG Banks and mutuals Investment funds and asset management Insurance regulation Payment services and systems Fintech and cryptoassets Competition in financial services EEA Agreement Annex IX (Financial Services) Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts New and updated content Dates for your diary Spring Budget 2024 Spring Budget 2024—key Financial Services announcements In the Spring Budget 2024, the chancellor of the Exchequer, Jeremy Hunt, unveiled a suite of measures affecting financial services, including in particular the possible creation of a Private...

In this issue: Beyond Brexit UK, EU and international regulators and bodies Authorisation, approval and supervision Prudential requirements Operational resilience Complaints, compensation and claims management Financial crime and sanctions Consumer credit, mortgage and home finance Conduct requirements Investigations, enforcement and discipline Regulation of capital markets Regulation of derivatives Sustainable finance and ESG Banks and mutuals Investment funds and asset management UK MiFID II EU MiFID II Regulation of insurance Payment services and systems Fintech and cryptoassets LexTalk®Financial Services: a Lexis®Nexis community Dates for your diary Financial Services Enforcement Database Daily and weekly news alerts Intraday news alerts Beyond Brexit FCA updates guidance on the financial services contracts regime, temporary permissions regime and leaving SRO or CRO The Financial Conduct Authority (FCA) has refreshed its guidance covering the temporary permissions regime, the financial services contracts regime, and how firms...

Under Directive 2004/38/EC, the Citizens’ Directive Nationals of the European Economic Area (EEA)—which includes the EU Member States, Norway, Iceland and Lichtenstein—benefit from EU free movement law. In this Practice Note, references to ‘EU citizens’, meaning nationals of EU Member States, are understood to include EEA nationals. The Citizens’ Directive identifies two additional categories of relatives of EU nationals who are exercising treaty rights in another Member State, beyond those classed as direct ‘family members’: those in a ‘durable relationship’ with an EU national, which is ‘duly attested’; or ‘other family members’, who: were dependants of the EU national, or members of the EU national’s household, before the EU national came to the host Member State; or have serious health grounds that strictly require their personal care by the EU national See Practice Note: Family members of EU nationals—definitions and rights of entry and residence for the definition of primary...

Brexit impact The UK ceased to be an EU Member State on exit day, 31 January 2020. Under the Withdrawal Agreement, the state pension and benefit rights of UK nationals residing in the EU, European Economic Area (EEA) or Switzerland are protected. See: Benefits and pensions for UK nationals in the EU, EEA or Switzerland. Likewise, information on the entitlements of EEA and Swiss citizens to UK benefits and state pensions is set out at: Benefits and pensions for EEA and Swiss citizens in the UK. State pensions A state retirement pension depends on an individual’s National Insurance (NI) contribution record and may consist of up to three elements: the basic old age pension the State Second Pension (S2P—formerly the State Earnings Related Pension Scheme, SERPS) the graduated pension Payments are generally made gross, with tax collected through Pay As You Earn (PAYE) against a person’s other income, such as an occupational or private pension. Income tax can also...

BREXIT: From 31 January 2020, the UK ceased to be an EU Member State and moved into an implementation phase, during which, for many matters, the EU continues to treat it as if it were a Member State across a range of areas. In its capacity as a third country, the UK is excluded from the EU’s political institutions, agencies, offices, bodies and governance frameworks (save to the limited extent agreed), yet it must keep to its obligations under EU law (covering EU treaties, legislation, principles and international agreements) and remain subject to the ongoing jurisdiction of the Court of Justice of the European Union in line with the transitional regime in Part 4 of the Withdrawal Agreement. For further reading, see: Brexit—introduction to the Withdrawal Agreement. This affects this Practice Note. For guidance, see Practice Note: Brexit—impact on finance transactions [Archived]—Brexit planning and impact—key issues for debt capital markets transactions. ARCHIVED: This Practice Note is archived, not maintained, and provided for background information only. For...