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Press release of the Banco de Portugal on the implications of Brexit

The transition period set out in Article 126 of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community ends on 31 December 2020. After the end of the transition period, European Union law will cease to apply to the United Kingdom, including the framework applicable to the provision of services and performance of activities in Portuguese territory. 

Consequently, entities with their head office in the United Kingdom authorised to operate in Portugal under the European Union passporting regime – and included in the register of institutions on the website of the Banco de Portugal – will be deleted from the register with effect from 1 January 2021.