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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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The consolidated legislation available below is up to date as at 25 February 2019, except for EMIR, which is up to date as at 24 June 2020.
| EU Legislation Being Onshored | Onshoring Legislation | Parties Affected | Consolidated Legislation |
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AIFMD Primary Legislation |
Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019 |
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 |
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 (note: the consolidation does not include the Capital Requirements (Amendment) (EU Exit) Regulations 2019 (SI 2019/1232)) |
Primarily affects banks, building societies and investment firms already regulated in the U.K. under the EU CRR. |
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| CSDR Primary Legislation | Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 | Primarily affects CSDs operating in the U.K. at the point of exit and CSDs that are currently providing services relating to the U.K. as defined in the CSDR. The Regulations are also relevant for end-users of CSD services, market infrastructures with links to U.K. CSDs and firms that undertake settlement internalization. | Consolidated CSDR |
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EMIR Primary legislation |
Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
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Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. The Regulations will also, like EMIR, have impact on 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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Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 |
Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. Onshores the EMIR Refit amendments. |
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Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 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 |
Primarily affects non-UK CCPs. |
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Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 |
Primarily affects non-UK CCPs and U.K. CCPs. Onshores the EMIR 2.2 amendments. |
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MiFIR |
Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 |
Primarily affects MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and managers. |
Consolidated Commission Delegated Regulation 2017/565
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PRIIPs Primary Legislation
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Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 |
Primarily affects firms that manufacture, sell or advise on retail investment products that fall within the scope of the PRIIPs Regulation. This includes, but is not limited to, asset managers, insurers and investment advisors. |
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SFR
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Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019
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Primarily affects EU systems that conduct business with U.K. participants, by providing for the continuation of U.K. settlement finality protections currently provided under the Settlement Finality Directive.
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UCITS Primary legislation |
Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 |
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 Technical Standards |
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AIFMD Binding Technical Standards |
Regulator Responsible: FCA Consultations:
Instrument: FCA 2019/37 Technical Standards (Alternative Investment Funds Management Directive) (EU Exit) Instrument 2019 |
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BRRD Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations:
Policy Statements:
Instruments:
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CRR Binding Technical Standards
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Regulators responsible: FCA and PRA Consultations:
Policy Statement:
Instruments:
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CSDR Binding Technical Standards |
Regulators responsible: PRA and BoE Consultations:
Policy Statement:
Instruments: |
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EMIR Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations:
Policy Statements:
Instruments:
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MiFIR Binding Technical Standards |
Regulators responsible: FCA, PRA and BoE Consultations:
Policy Statement:
Instruments:
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PRIIPs Binding Technical Standards
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Regulators responsible: FCA Consultations:
Policy Statement:
Instrument:
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UCITS Binding Technical Standards |
Regulator responsible: FCA Consultations:
Policy Statement:
Instrument:
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