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Following the end of the EU-UK transition period and the UK’s full withdrawal from the EU on December 31, 2020, (re-)insurance undertakings domiciled in the UK or Gibraltar have lost their European passporting rights that they previously had under Article 15(1) of Directive 2009/138/EC
Solvency II). Equally, those pension funds that were, under EU rules categorized as institutions for occupational retirement provision (
IORPs), domiciled in the UK or Gibraltar, have lost rights under Articles 11 and 12 of Directive (EU) 2016/2341
IORPs II Directive), notably those that previously allowed IORPs to operate on a cross-border basis without an establishment in a given EU Member State.
Bulgaria: reforms to improve competition, governance and skills would strengthen the recovery from COVID-19
, says the recovery from the economic shock caused by COVID-19 will take time. As an open economy specialised in manufacturing exports, Bulgaria remains exposed to further shocks to external demand, even though prudent management of public finances has put the country in a solid position to provide continued support. There is also room for investment in areas like transport, energy and digital infrastructure, which would invigorate the recovery.
“The COVID-19 crisis has hit Bulgaria in a period of robust economic growth and rising incomes. Getting through this crisis and coming out in stronger shape will require continued support to people and businesses as well as investment and reforms to drive productivity and raise living standards for all Bulgarians,” said