Shearman & Sterling LLP | Financial Regulatory Developments Focus | UK Legislation in Force Empowering Regulators to Amend EU Binding Technical Standards For Brexit
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  • UK Legislation in Force Empowering Regulators to Amend EU Binding Technical Standards For Brexit
    10/26/2018
    The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 were made on October 25, 2018 and entered into force on October 26, 2018.

    The Regulations delegate power under the EU (Withdrawal) Act 2018 to the Bank of England, the Prudential Regulation Authority, the Financial Conduct Authority and the Payment Systems Regulator to fix deficiencies in EU Binding Technical Standards and regulators’ rules in advance of exit day, so that the BTS and regulators' rules function effectively after Brexit. The Regulations also establish the statutory basis on which those regulators will continue to maintain the relevant BTS after exit. The Schedule to the Regulations lists all the BTS that will be "onshored" and, for each, allocates joint or individual responsibility among the regulators.

    The version of the Regulations that has entered into force contains only minor changes from the draft version that was published in July 2018.

    View the Regulations (S.I. 2018/1115).

    View the explanatory memorandum.

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