Shearman & Sterling LLP | FinReg | UK No-Deal Brexit Legislation Extends Transitional Provisions for Third-Country Benchmarks
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  • UK No-Deal Brexit Legislation Extends Transitional Provisions for Third-Country Benchmarks
    09/06/2019
    A U.K. statutory instrument has been published to further the U.K.'s financial services legislation preparations in the event of a no-deal Brexit. The statutory instrument – the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (SI 2019/1212) – provides for, among other things:
    • amending the exit legislation that establishes temporary regimes for EEA e-money and payment services firms to ensure that firms entering the Contractual Run-Off regime can carry out the full range of activities required to discharge any pre-existing contractual obligations;
    • extending the transitional provisions for third-country benchmarks in the Benchmarks (Amendment and Transitional Provisions) (EU Exit) Regulations 2019 by three years to ensure that U.K. firms can use third-country benchmarks until the end of 2022 without the benchmarks needing to be on the Financial Conduct Authority's register;
    • updating cross-references to the Capital Requirements Regulation to take into account the EU amendments to the CRR that became applicable in June 2019; and
    • amending various exit instruments to correct or clarify the original text.

    View the amending regulation and explanatory memorandum.

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