Certain UK Brexit Regulations Updated and Amended
07/16/2019The draft U.K. Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 have been published. The draft Regulations will make the following changes, among others, to existing or draft U.K. legislation in preparation for Brexit:
- The Insider Dealing (Securities and Regulated Markets) Order 1994 (S.I. 1994/187) is amended to ensure that the U.K. and Gibraltar remain in scope of the provisions on insider dealing in the Criminal Justice Act 1993.
- Changes are made to the following regulations to account for the change to the date that the U.K. is due to leave the EU: Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, the Data Reporting Services Regulations 2017 and the draft Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019.
- The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) is amended to: (i) provide for the extension by HM Treasury of the exemption from the U.K.'s version of the Markets in Financial Instruments Regulation to Norway and Iceland; and (ii) take account of the EU equivalence decision on the regulatory and supervisory frameworks for trading venues in Singapore (Commission Implementing Decision (EU) 2019/541).
- The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) is amended to add EU technical standards that have been adopted since the U.K. statutory instrument was made, such as technical standards under the Fourth Money Laundering Directive, the Payment Services Directive, the Securities Financing Transactions Regulation, the Securitization Regulation and the Bank Recovery and Resolution Directive.
- The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 are amended to clarify that the U.K. share trading obligation can be met through trades on U.K. systemic internalisers, but not on EU systemic internalisers.
- The Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I 2019/394) are corrected so that EU Money Market Funds exiting the U.K.'s Temporary Marketing Permissions Regime and then obtaining U.K. recognition will be able to continue to market to U.K. investors and label themselves as "MMFs".
View the draft Regulations and the draft explanatory memorandum.
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