As the political turmoil regarding Brexit continues to grow in the UK, the spectre of a “no-deal” Brexit becomes a very realistic scenario. The shortness of time left to make the final decision is forcing businesses in the UK and EU to view the short-term future with unease and anxiety, particularly the uncertainty surrounding the legal standing of UK firms operating in the EU countries. This also applies to UK undertakings that conduct their economic activity in Poland.
With regard to the financial market, the Polish Financial Supervision Authority (KNF) announced on 29 January 2019 that there would be no transition period for UK entities in case of no-deal Brexit (see our previous article on this issue).
This approach has been reversed by the Polish authorities, through the drafting a bill that provides for a set of provisions to facilitate the legal situation of such undertakings. The main goal of the law passed on 15 March 2019 is to grant additional time to the UK companies following a Brexit where there is no general treaty between UK and EU to regulate such a process.