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What does the UK's vote to leave the European Union really mean for business? Our lawyers continue to assess, examine and provide practical guidance on the implications of Brexit for financial institutions, corporates, governments and governmental organizations.

Brexit Consolidated Legislation

See important information about usage of these materials.

EU Legislation Being Onshored  Onshoring Legislation  Parties Affected Consolidated Legislation

AIFMD Primary Legislation

Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018

Primarily affects Alternative Investment Fund Managers that are already regulated in the U.K. under the Alternative Investment Fund Managers Regulations 2013 and AIFMs currently marketing EEA AIFs in the U.K. They are also relevant for fund managers that market EEA UCITS into the U.K.

Consolidated AIFM Regulations 2013

BRRD Primary legislation

Draft Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (published 10/08/2018)

UK banks, building societies, investment firms, banking group companies and central counterparties. Shareholders, depositors and debtholders in these institutions will also be interested. As well as any individual, firm or group that is a market participant or involved in the application of insolvency law in the financial sector

Consolidated Banking Act 2009

CRR Primary legislation

Draft Capital Requirements (Amendment) (EU Exit) Regulations 2018 (laid 11/15/2018)

Primarily affects banks, building societies and investment firms already regulated in the UK under the EU CRR

Consolidated CRR

EMIR Primary legislation

Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. Will also, like EMIR, have impacts for persons around the world which enter into derivatives with U.K. persons, through U.K. clearing members or that are ultimately held with CCPs that are regulated or recognized in the U.K.

Consolidated EMIR

 

Draft Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (published 10/05/2018)

Primarily affects Trade Repositories in both the U.K. and the EU that are currently registered with and supervised by the European Securities and Markets Authority and that are planning to continue servicing the U.K. market after Brexit

 
 

Draft Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (published 07/24/2018)

Primarily affects non-UK CCPs

 

MiFIR Primary legislation

Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (published 10/11/2018)

Primarily affects MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and investment managers.

Consolidated MiFIR

UCITS Primary legislation 

Draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018

Primarily affects EEA fund managers operating UCITS authorized in the U.K., fund managers marketing EEA UCITS into the U.K. and depositaries that provide services to U.K. authorized funds.

Consolidated UCITS Regulations 2011

Binding Techncial Standards

   

AIFMD Binding Technical Standards

Regulator Responsible: FCA

Consultations Ongoing:

  • FCA CP 18/28 Technical Standards (Alternative Investment Funds Management Directive) (EU Exit) Instrument 2019
 

BRRD Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • BoE: BoE Resolution CP The Technical Standards (Bank Resolution And Recovery) (Amendment Etc.) (EU Exit) (No 1) Instrument
  • PRA and FCA: PRA CP26/18 The Technical Standards (Bank Resolution And Recovery Directive) (EU Exit) (No 2) Instrument 2019
 

CRR Binding Technical Standards

 

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • PRA and FCA: PRA CP26/18 The Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument and The Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument
  • PRA: PRA CP26/18 The Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument
  • Further consultations expected on one CRR BTS
 

EMIR Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • FCA: FCA CP18/28 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019
  • FCA and BoE: BoE CP – Financial Markets Infrastructure The Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No. 1) Instrument
  • PRA and FCA: PRA CP26/18 The Technical Standards (European Markets Infrastructure) (EU Exit) Instrument
  • Further consultations expected on EMIR BTS
 

MiFIR Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • FCA: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019
  • FCA, PRA and BoE: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 2) Instrument 2019
 

UCITS Binding Technical Standards

Regulator responsible: FCA

Consultations Ongoing:

  • FCA: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019
  • It is proposed that the UCITS Binding Techncial Standards will be revoked
 
Brexit Consolidated Legislation 

See important information about usage of these materials.

EU Legislation Being Onshored  Onshoring Legislation  Parties Affected Consolidated Legislation

AIFMD Primary Legislation

Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018

Primarily affects Alternative Investment Fund Managers that are already regulated in the U.K. under the Alternative Investment Fund Managers Regulations 2013 and AIFMs currently marketing EEA AIFs in the U.K. They are also relevant for fund managers that market EEA UCITS into the U.K.

Consolidated AIFM Regulations 2013

BRRD Primary legislation

Draft Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (published 10/08/2018)

UK banks, building societies, investment firms, banking group companies and central counterparties. Shareholders, depositors and debtholders in these institutions will also be interested. As well as any individual, firm or group that is a market participant or involved in the application of insolvency law in the financial sector

Consolidated Banking Act 2009

CRR Primary legislation

Draft Capital Requirements (Amendment) (EU Exit) Regulations 2018 (laid 11/15/2018)

Primarily affects banks, building societies and investment firms already regulated in the UK under the EU CRR

Consolidated CRR

EMIR Primary legislation

Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (made 11/13/2018)

Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. Will also, like EMIR, have impacts for persons around the world which enter into derivatives with U.K. persons, through U.K. clearing members or that are ultimately held with CCPs that are regulated or recognized in the U.K.

Consolidated EMIR

 

Draft Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (published 10/05/2018)

Primarily affects Trade Repositories in both the U.K. and the EU that are currently registered with and supervised by the European Securities and Markets Authority and that are planning to continue servicing the U.K. market after Brexit

 
 

Draft Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (published 07/24/2018)

Primarily affects non-UK CCPs

 

MiFIR Primary legislation

Draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (published 10/11/2018)

Primarily affects MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and investment managers.

Consolidated MiFIR

UCITS Primary legislation 

Draft Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2018

Primarily affects EEA fund managers operating UCITS authorized in the U.K., fund managers marketing EEA UCITS into the U.K. and depositaries that provide services to U.K. authorized funds.

Consolidated UCITS Regulations 2011

Binding Techncial Standards

   

BRRD Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • BoE: BoE Resolution CP The Technical Standards (Bank Resolution And Recovery) (Amendment Etc.) (EU Exit) (No 1) Instrument
  • PRA and FCA: PRA CP26/18 The Technical Standards (Bank Resolution And Recovery Directive) (EU Exit) (No 2) Instrument 2019
 

CRR Binding Technical Standards

 

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • PRA and FCA: PRA CP26/18 The Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument and The Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument
  • PRA: PRA CP26/18 The Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument
  • Further consultations expected on one CRR BTS
 

EMIR Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • FCA: FCA CP18/28 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019
  • FCA and BoE: BoE CP – Financial Markets Infrastructure The Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No. 1) Instrument
  • PRA and FCA: PRA CP26/18 The Technical Standards (European Markets Infrastructure) (EU Exit) Instrument
  • Further consultations expected on EMIR BTS
 

MiFIR Binding Technical Standards

Regulators responsible: FCA, PRA and BoE

Consultations Ongoing:

  • FCA: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019
  • FCA, PRA and BoE: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 2) Instrument 2019