The NI protocol, known as “backstop,” is supposed to be temporary and applies unless it is replaced by a future relationship agreement that the parties will attempt to reach by December 31, 2020. The protocol provides that the common travel area and North-South cooperation will continue to a large extent as they do today, as well as the internal electricity market (so that some EU legislation on wholesale electricity markets will continue to apply). 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). Immediately after the announcement of a revised withdrawal agreement on October 17, 2019, Labour, the Liberal Democrats and the DUP said they could not support the new agreement. [30] 4. The next part (Articles 126-132) contains provisions relating to the transition period that extends to the end of 2020 and is necessary to move from withdrawal to future relations. The transitional period involves extending the application of existing EU legislation. The only important exception is that Britain will no longer be part of the EU`s institutions and bodies and will no longer participate in EU decision-making. 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. These illustrate what applies, at the end of the transitional period, to a number of ongoing proceedings, rights granted, etc. The British Parliament approved the draft agreement by adopting on 23 January 2020 the implementing laws (the 2020 Withdrawal Agreement Act) of the European Union (withdrawal agreement).

Following the signing of the agreement, the UK Government adopted and tabled the UK`s ratification instrument on 29 January 2020. [7] The agreement was ratified by the Council of the European Union on 30 January 2020, after approval by the European Parliament on 29 January 2020. The UK`s withdrawal from the EU came into force on 31 January 2020 at 11 .m GMT, when the withdrawal agreement came into force in accordance with Article 185. The United Kingdom has opted for a regime that requires EU citizens to apply for a new resident status known as “settled” or “pre-settled.”