During the past few years, the CNMV has been working, in coordination with the Ministry of Economic Affairs and Digital Transformation and other national and European bodies, in view of the possibility of the withdrawal of the United Kingdom from the European Union (Brexit), with the aim of preserving financial stability and protecting investors, and also seeking to always bear in mind the need to promote the competitiveness of the Spanish market. This section contains some information that may be useful for market participants and investors.

On 24 December 2020, the European Union and the United Kingdom reached an agreement in principle on the EU-UK Trade and Cooperation Agreement. The Council, acting by the unanimity of the 27 Member States, must adopt a decision on the authorisation of the signature of the Agreement and its provisional application as of 1 January 2021. The Commission proposes to apply the Agreement on a provisional basis for a limited period of time until 28 February 2021. This date may be amended upon mutual agreement between the European Union and the United Kingdom. Thereafter, the European Parliament shall be requested to give its consent to the Agreement. As a last step on the part of the EU, the Council must adopt the decision on the conclusion of the Agreement.

Prior to this Trade and Cooperation Agreement, the UK Parliament approved the Withdrawal Agreement on 23 January 2020. On 24 January 2020, the President of the European Council and the President of the European Commission signed the agreement, which was approved by the European Parliament on 29 January. Finally, on 30 January, the European Council adopted, in writing, the resolution on the conclusion of the withdrawal agreement on behalf of the European Union.

The withdrawal agreement entered into force on 31 January at midnight, Central European Time. At that time, the United Kingdom ceased to be a Member State of the European Union and became a third country. The transition period then began, which ends on 31 December 2020.