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December 20, 2018

BoE and PRA published a consultation paper (CP32/18) that proposes to fix deficiencies arising from the withdrawal of UK from EU and make consequential changes. Part 1 of CP32/18 sets out the PRA proposals in relation to the PRA Rulebook and binding technical standards, within the PRA remit, that will be retained, or onshored, in the UK law. Part 2 of CP32/18 sets out proposals by BoE, acting as resolution authority, in relation to two binding technical standards under the Bank Resolution and Recovery Directive (BRRD). Comments are requested by January 21, 2019.

The consultation paper consists of the following appendices:

  • Appendix 1 includes update to draft supervisory statement on PRA approach to interpreting reporting and disclosure requirements after the withdrawal of UK from EU
  • Appendix 2 consists of draft EU Exit Instrument in the PRA Rulebook
  • Appendix 3 includes list of binding technical standards in the PRA remit and draft binding technical standards on EU Exit Instrument
  • Appendix 4 contains list of binding technical standards in the BoE remit and draft binding technical standards on EU Exit Instrument

CP32/18 has been published as a part of the BoE consultations on amending financial services legislation under the European Union (Withdrawal) Act 2018. BoE and PRA are consulting on further changes in CP32/18 to ensure an operable legal framework after Brexit and to reflect onshoring changes made by HM Treasury in the relevant draft Statutory Instruments or relevant explanatory policy materials made available by HM Treasury since the publication of the BoE and PRA consultations in October 2018. The changes proposed in the CP32/18 would take effect on March 29, 2019 (exit day) and that too only in the event that there is no implementation period. If the Withdrawal Agreement between UK and EU is ratified and the implementation period commences on exit day, the proposed changes would not take effect until after the end of the implementation period. Further modifications to the PRA Rulebook and onshored binding technical standards may be required to reflect any arrangements made between the UK and EU as part of their future relationship.

 

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Comment Due Date: January 21, 2019

Effective Date: March 29, 2019 (if no implementation period)

Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, FMI, Withdrawal Agreement, BRRD, Binding Technical Standards, PRA Rulebook, CP32/18, PRA, BoE

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