UK Regulators Consult on Amending EU Exit Instruments

The Bank of England and the Prudential Regulation Authority have opened a consultation on further changes to EU Exit instruments following the extension of Brexit from April to October 31, 2019, which means that certain EU legislation that has been published since April will become retained law. The consultation closes on September 18, 2019.

The consultation covers: (i) a proposed update on the Bank's and PRA's intended use of the temporary transitional power; (ii) proposals for the PRA Rulebook and Binding Technical Standards that will be retained, or 'onshored', in U.K. law; and (iii) the Bank's proposed BTS under the Central Securities Depositories Regulation.

Revisions to the below measures are appended to the consultation paper:

1. Draft PRA Transitional Direction;
2. Draft Bank Transitional Direction;
3. Draft PRA BTS EU Exit Instrument CRR No.4;
4. Draft Technical Standards (European Market Infrastructure) (EU Exit) (No.4) Instrument;
5. Draft Technical Standards (Solvency II Directive) (EU Exit) (No.2) Instrument;
6. PRA Rulebook: (EU Exit) (No. 2) Instrument; and
7. Draft Technical Standards (Central Securities Depositories) (Amendment etc.) (EU Exit) (No.2) Instrument.

View the consultation paper.

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