Polish Government Getting Ready for Brexit

Although some years ago many still thought Brexit would never become a reality, British good-byes to the European Union are approaching fast. The Brits are going to leave the EU at the end of March 2019, but few things are known for certain. It is slowly becoming apparent that we need to prepare for a hard Brexit. Polish government convened a special meeting in which the ministers discussed post-Brexit world and the challenges that Polish businesses and economy will face after March 30^th.

Government Information Centre revealed that the Council of Ministers adapted a bill that will regulate operations of British financial market entities in Poland. The upcoming legal provisions will apply to entities from Gibraltar as well. The government plans to introduce regulations that will secure the interests of entities and individuals who are clients of financial institutions o that have their headquarters in the UK but operate in Poland.

Another important issue that the officials need to take care of is the continuity of settlements within the SORBNET and TARGET systems. Brokerage houses with branches in Poland will be allowed to continue operations based on existing legal provisions for a year after Brexit.

Another matter on the agenda was recognition of job qualifications acquired in Britain by Poles and Britons who would like to work in Poland. Currently, British diplomas are accepted in Poland based on EU regulations. The government is working on provisions that will simplify the document validation process.

All in all, the government wants to develop solutions that will soften the blow of hard Brexit, i.e. the United Kingdom leaving the EU without a withdrawal agreement. As the Minister of European Affairs admitted, such scenario has never been more probable.

The UK is Poland’s third biggest trade partner. Brexit will take place at midnight between the 29^th and 30^th March.