3.1 There are various key changes being made to legislation that firms should consider when interpreting existing PRA non-binding materials. A non-exhaustive list of these changes is set out below.

• Passporting under EU financial services legislation is no longer available in the UK after the end of the transition period [Passporting rights will continue for firms operating between the UK and Gibraltar. The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 established transitional arrangements for Gibraltar that will preserve the status quo of deemed-passporting for Gibraltarian firms after the end of the transition period. These transitional arrangements have been extended until Friday 31 December 2021 by The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020. The arrangements can be further extended until such time as the permanent arrangements of the Gibraltar Authorisation Regime are in place.]. Therefore, any reference to EEA passporting, or processes associated with EEA passporting, are redundant.

• Functions carried on by EU authorities that exist solely to support the EU single market are redundant and have therefore been deleted. Other roles and responsibilities that were previously carried out by EU authorities have been reallocated to the most appropriate UK authority after the end of the transition period, to the extent that they remain relevant. For example, HM Treasury has transferred to the PRA the European Insurance and Occupational Pensions Authority (EIOPA) function of declaring an 'Exceptional Adverse Situation'. Firms should interpret references to EU functions with reference to the new UK authority taking on that function.