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Please email us if you have any questions about the impact of Brexit on your business.
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.
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| EU Legislation Being Onshored | Onshoring Legislation | Parties Affected | Consolidated Legislation |
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AIFMD Primary Legislation |
Draft Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2018 (laid 11/29/2018) |
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. |
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BRRD Primary legislation |
Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (made 12/20/2018) |
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 |
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CRR Primary legislation |
Capital Requirements (Amendment) (EU Exit) Regulations 2018 (made 12/19/2018) |
Primarily affects banks, building societies and investment firms already regulated in the UK under the EU CRR |
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EMIR Primary legislation |
Draft Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (laid 12/03/2018)
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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. |
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Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (made 12/06/2018) |
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 |
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Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (made 11/13/2018) |
Primarily affects non-UK CCPs |
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MiFIR Primary legislation |
Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (made 12/19/2018) |
Primarily affects MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and investment managers. |
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UCITS Primary legislation |
Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (laid 12/17/2018) |
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. |
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Binding Techncial Standards |
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AIFMD Binding Technical Standards |
Regulator Responsible: FCA Consultations Ongoing:
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BRRD Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations Ongoing:
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CRR Binding Technical Standards
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Regulators responsible: FCA, PRA and BoE Consultations Ongoing:
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EMIR Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations Ongoing:
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MiFIR Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations Ongoing:
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UCITS Binding Technical Standards |
Regulator responsible: FCA Consultations Ongoing:
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