The agreement also provides for a transitional period, which will last until 31 December 2020 and can be extended by mutual agreement. During the transitional period, EU legislation will continue to apply to the UK (including participation in the European Economic Area, the internal market and the customs union) and the UK will continue to contribute to the EU budget, but the UK will not be represented in EU decision-making bodies. The transition period will give businesses time to adapt to the new situation and the new era, so that the British and European governments can negotiate a new trade agreement between the EU and the UK.  In October 2019, the UK and the EU finally reached a withdrawal agreement to end the UK`s accession to the EU, in accordance with Article 50. This has helped to settle the UK`s financial obligations, the status of citizens, both in the UK and in the EU, and agreements on how to continue trade in goods between Northern Ireland and the EU-27 after Brexit. These commitments are now legally binding and were approved by Parliament when it adopted the European Law (Withdrawal Agreement) in January 2020, which allowed the UK to withdraw on 31 January. At the request of the United Kingdom, the European Council (Article 50) approved a third extension of the period under Article 50, paragraph 3, of the TUE until 31 January, in order to have sufficient time for ratification of the withdrawal agreement. The withdrawal agreement between the European Union and the United Kingdom sets out the conditions for the UK`s orderly exit from the EU, in accordance with Article 50 of the Treaty on european Union. This was true when it was updated on September 24, 2020. The signatures mark a new stage in the ratification process after Parliament passed the Brexit Act earlier this week.
The European Parliament will vote on the agreement on 29 January. The political statement refers to the autonomy of regulation and decision-making of each bloc and its ability to make equivalency decisions in its own interest. From a British point of view, the latter reference to autonomy is less welcome when it comes to achieving considerable market access in equivalence. If one does not read about the objective of going beyond WTO obligations, there is no explicit reference to an extension of equivalence beyond the existing patch work. In this context, Steven Maijoor, President of the European Financial Markets Authority (ESMA), has already called for a comprehensive and harmonised European regime for trading platforms in third countries. The policy statement also refers to the fact that both parties begin to assess equivalence to each other as soon as possible after the withdrawal, so that they can be completed before the end of the second quarter of 2020. In order to allay the UNITED Kingdom`s concerns about the sudden withdrawal of equivalence, the documents promise “transparency and appropriate consultation in the process of accepting, suspending and withdrawing equivalency decisions.” We can also expect “close and structured cooperation” in regulation and oversight, as well as information exchange and consultation on regulatory initiatives of common interest, both at the political and technical level. It is likely that, in some areas, the ACF may still contribute in one way or another to the European supervisory authorities and their development of post-Brexit policy. The withdrawal agreement also contains provisions for the United Kingdom to leave the Convention setting the status of European schools, with the United Kingdom bound by the Convention and accompanying regulations on accredited European schools until the end of the last academic year of the transition period, i.e.
at the end of the spring semester 2020-2021.  On 15 November 2018, the day after the agreement was presented and the support of the British government cabinet, several members of the government resigned, including Dominic Raab, Secretary of State for leaving the European Union.  The 599-page withdrawal agreement includes the rest of the