podcast and don't know anything about registration at all so would you mind just giving us a quick overall i mean why does a yacht need to be registered

yeah sure so good way to think of a registration for a yacht is like a passport for us when we will travel uh internationally it's a legal requirement that's a pretty key one um you know customs authorities ports around the world will expect to see that when on arrival um to identify the key you know ownership of the boat you know unique numbers so whether that's a whole number official number with the boat and specifications generally so um legal requirement navigationally obviously um each flag state has different rules and allows you to do different things so again big reason why we work with british predominantly is because the heritage is there internationally they're recognized around the world allowing you to get the permits to access you know international destinations whether that be islands or continents um and then um other than that as well insurance companies is the other big one um you know you're not going to get insurance unless the boat's uh registered and shown that it meets certain standards and documents are available um so yeah whilst you know whilst technically sometimes on deliveries yachts can be delivered without a full registration that full registration will follow soon after and that is conditional on insurance being in place so whether it's before or after handover registration document is key to you know the unique details of the boat and the ownership

So do you want to give us a quick overview of what happened?

Yes.

Yeah, quickly, really.

Following Brexit, Brexit's what's triggered this, as you said, the UK government realised only at the end of last year that EU individuals specifically, so not companies, were still being allowed to register yachts under Part 1 with the UK.

So this is a UK flag specifically now.

They had to change these rules as they're no longer able to offer this as part of Brexit, which has created issues for, as you can imagine, for whether it's new application where you have an EU national who is not residing in the UK.