Draft Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019

On 17 January 2019, there was laid before Parliament a draft version of The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, together with an explanatory memorandum.  The draft statutory instrument forms part of the UK Government’s contingency planning for a no deal Brexit and is made under the European Union (Withdrawal) Act 2018. It addresses deficiencies in relation to the EU’s equivalence framework and retained EU law following the UK’s exit from the EU. It provides Ministers with a temporary power, for up to twelve months after exit day, to make equivalence directions and exemption directions specified in the instrument for the EU and EEA member states. The power is intended to be used in cases where the UK Government determines that it is necessary to make an equivalence decision for the EU and EEA member states quickly and efficiently to support UK market activity and the…

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