Featured Product

    UK Authorities Update on Transition to Post-Exit Rules and Standards

    January 31, 2020

    UK regulatory authorities (BoE, PRA, and FCA) have updated the information on Brexit, following ratification of the Withdrawal Agreement by UK and EU. Under the terms of the Withdrawal Agreement, on the exit day, UK entered into an Implementation Period until December 31, 2020. During this period, the EU law will continue to apply in UK in the same way as it applied prior to the exit of UK. Prior to UK and EU agreeing to the Withdrawal Agreement, HM Government and the UK regulatory authorities undertook a program of legislative activity to ensure that UK continues to have a functioning financial services regulatory regime post its exit from EU.

    The EU (Withdrawal) Act 2018 (EUWA) functions to retain EU law and legislation implementing EU law and provides powers to amend it as appropriate for the UK legal environment. To this end, UK Parliament passed a number of Statutory Instruments amending the retained EU financial services legislation. The UK regulators also made EU Exit Instruments to amend their rules and relevant Binding Technical Standards, using powers delegated by the EUWA. BoE and PRA previously published policy materials including EU Exit Instruments, supervisory statements, and Statement of Policy. These generally had the effective date of the exit day or immediately before the exit day. Under the EU (Withdrawal Agreement) Act 2020, the commencement of these EU Exit instruments has been delayed until the end of the Implementation Period.

    BoE and PRA also notified that they may need to amend or make additional EU Exit Instruments to reflect legislative changes during the further extension of the Article 50 period from October 31, 2019 to January 31, 2020 and during the Implementation Period between February 01, 2020 and December 31, 2020. Therefore, they have not made final versions of the draft instruments at this time.

     

    Related Links

    Keywords: Europe, EU, UK, Banking, Insurance, Securities, Brexit, Withdrawal Agreement, Transition Period, EU Withdrawal Act, Exit Instruments, EUWA 2020, FCA, PRA, BoE

    Related Articles
    News

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153