Who would have thought that as we enter the final stretch of 2020 the UK is yet to agree on a trade deal with the EU? Even though a deal has not yet been agreed the Solicitors Regulation Authority (SRA) has confirmed that some changes will definitely happen no matter what deal is agreed by 1 January. Since the UK will no longer be in the single market they will not be bound to follow EU rules. Solicitors should prepare as best they can before the transition period ends. However, this will prove to be difficult as the UK and EU have yet to reach an agreement in a number of key areas.
Below is a list of rules and regulations that we know are currently going to be changing on 1 January.
Registered European Lawyers
It has already been confirmed that the Registered European Lawyer (REL) regime will not continue after 31 December 2020. It is important that Registered European Lawyers currently working in the UK or who plan to work in the UK are aware of this. On 1 January all RELs that have renewed their registration in the last renewal window will automatically become Registered Foreign Lawyers.
Keeping Data Safe
From 1 January businesses will have to follow some additional rules regarding personal data and data flows with the EU/EEA. The Department for Culture, Media, and Sport believes that many are currently unaware that they may need to prepare and make changes to operate in accordance with the new rules.
It is recommended that businesses familiarise themselves with the following government guidance.
Financial Sanctions Changes
Once the transition period is over EU financial sanctions regulations will no longer apply to the UK. Guidance has been published by The Office of Financial Sanctions Implementation which can be found here.
It is worth looking at the Brexit Transition Checker Tool set up by the government, this tool identifies steps that your business may need to consider taking to make sure they are ready.
How can we help?
At Hawsons we have a dedicated team of solicitor accountants at our offices in Sheffield, Doncaster, and Northampton. We act for a large number of law firms across all three of our offices and offer a wide range of services which are tailored to meet their individual needs. Our legal client base consists of a multitude of firms of varying structure and size, from sole traders to limited companies and LLPs with corporate members.
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