New information on the Council of Ministers’ list of legislative works states that the Ministry of Finance is working on a bill that might influence companies such as Revolut and Curve. These fintech companies, which have a British financial supervision authority license and operate in other European Union countries on the basis of a so-called passport, will lose the right to do so if Great Britain decides to leave the EU without a deal in what is being called a ‘hard Brexit’.

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There is likely a large number of companies with a British license operating in continental Europe on the basis of such a ‘passport’, but Revolut and Curve are among the most popular ones. The latter sent out a message to their customers at the end of January informing them about changes to terms of use that are meant to keep the company safe in the case of a hard Brexit. Curve said it had already registered a company in Germany with all the required permissions, and that if a no-deal Brexit happens, that company will take over customers from Poland, among others. From what I know, Revolut has not made such preparations yet.

There is very little time left. If the British Parliament does not make any concrete decisions before March 29, the UK will leave the European Union without a deal, which will put companies such as Revolut in a difficult situation. It also seems to me that the Polish Ministry of Finance is acting too late. If the worst-case scenario of a no-deal Brexit happens, then even an express legislative process will most likely leave a time gap, during which the legal status of British fintech companies in Poland will remain unclear.

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The information included in the list of legislative works states that in the case of a no-deal departure of the United Kingdom of Great Britain and Northern Ireland from the European Union, financial institutions from the country that operate in Poland will lose the right to continue doing business on the basis of a European single passport. In such a case they will be considered third-country businesses. The finance ministry states that the goal of the proposed legislation is to protect the interest of customers by allowing an appropriate transitional period so that companies can adjust to the new circumstances.