Key takeaways:

• There is less than six months until the end of the transition period provided for in the Withdrawal Agreement between the European Union and United Kingdom, at which point UK-based financial services firms will cease to benefit from the “passporting” rights conferred by EU law.
• We discuss the regulatory consequences for UK- and EEA-based private equity and venture capital firms, including the FCA’s temporary permissions regime and longer-term plans for mutual market access.