On 9 July 2020, the European Commission has published a Communication which provides a sector-by-sector overview of the key areas where there will be changes at the end of the transition period, regardless of whether there is an agreement on the future trade relationship or not, and sets out measures that national authorities, businesses and citizens should take to prepare. The changes will come into effect on 1 January 2021.

The Commission has also been gradually updating its Brexit preparedness notices, now called “readiness notices”, to fit a scenario where the UK and the EU have not reached an agreement and therefore trade is solely conducted on WTO terms. Among the recently updated notices are those on asset management, banking and payment services, and credit rating agencies.

We comment on these notices and how they built up on the previous preparedness notices in this edition of our View from Brussels series.