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Does EU Directive 655/2014 (Account Preservation Order procedure to facilitate cross-border debt recovery) apply to Jersey after Brexit?

Marie Manila

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Oct 20, 2019
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Hi there,

I intend to open an account with HSBC Jersey and invest a larger part of my liquid assets there.

In the EU, there is EU Directive 655/2014 which allows the blocking and seizure of accounts within the EU under a simplified procedure. Does anyone know if this will also apply in Jersey after Brexit?
I know that in many neighbouring countries (such as CH, Norway, etc.) the so-called Lugano Convention is applied, which for the most part complies with EU Directive 655/2014.
However, the UK did not join the Lugano Convention after Brexit.

I know that relying on the non-agreement of EU Directive 655/2014 isn't bulletproof, but I want to make it harder for the European taxman (or anyone else) to sue me or block my accounts.
 
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The UK was never part of the 655/2014 European Account Preservation and therefore brexit has no impact. The UK government as a major financial centre were not stupid and had opted out of it along with Denmark - (50) and (51). It states this clearly in the regulation text.

----- Quote start

(50)In accordance with Articles 1 and 2 of Protocol No 21 on the position of the United Kingdom and Ireland in respect of the area of freedom, security and justice, annexed to the TEU and to the TFEU, and without prejudice to Article 4 of that Protocol, the United Kingdom is not taking part in the adoption of this Regulation and is not bound by it or subject to its application.

----- quote end
 

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