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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

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EU Legislation Being Onshored  Onshoring Legislation  Parties Affected Consolidated Legislation

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.

Consolidated AIFM Regulations 2013

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

Consolidated Banking Act 2009

CRR Primary legislation

Capital Requirements (Amendment) (EU Exit) Regulations 2018

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

Consolidated CRR

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 draft 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

EMIR Primary legislation

Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019

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

 

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

 
 

Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

Primarily affects non-UK CCPs

 

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 investment managers.

Consolidated MiFIR

 

Consolidated Commission Delegated Regulation 2017/565


Consolidated Commission Delegated Regulation 2017/567


Consolidated Data Reporting Services Regulations 2017


Consolidated FSMA 2000 (Markets in Financial Instruments) Regulations 2017


Consolidated Schedules to FSMA 2000 (Regulated Activities) Order 2001

 

PRIIPs Primary Legislation

 

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.

Consolidated PRIIPs

SFR

 

 Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019

 

Primarly 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.

 

Consolidated SFR


Consolidated Part VII, Companies Act 1989


Consolidated Financial Markets and Insolvency Regulations 1991

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.

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 Technical Standards (Bank Resolution And Recovery) (Amendment Etc.) (EU Exit) (No 1) Instrument; BoE Further Changes CP
  • PRA and FCA: PRA CP26/18 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 Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument and The Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument
  • PRA: PRA CP26/18 Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument
  • BoE: BoE Further Changes CP Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument
 

CSDR Binding Technical Standards

Regulators responsible: PRA and BofE

Consultations Ongoing:

  • PRA: PRA CP26/18 Technical Standards (Central Securities Depositories Offering Ancillary Banking Services) (EU Exit) Instrument
  • BofE: BoE CP – Financial Markets Infrastructure Technical Standards (Central Securities Depositories) (Amendment Etc.) (EU Exit) Instrument
 

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 CP18/36
  • FCA and BoE: BoE CP – Financial Markets Infrastructure Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No. 1) Instrument
  • PRA and FCA: PRA CP26/18 Technical Standards (European Markets Infrastructure) (EU Exit) Instrument
 

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 CP18/36
  • FCA, PRA and BoE: FCA CP18/28 Technical Standards (Markets In Financial Instruments Regulation) (EU Exit) (No 2) Instrument 2019
 

PRIIPs Binding Technical Standards

 

Regulators responsible: FCA

Consultations Ongoing:

  • FCA: FCA CP18/36 Technical Standards (Packaged Retail And Insurance-Based Investment Products) (EU Exit) 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 Technical Standards will be revoked