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

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267