HM Treasury details financial services legislation approach to Brexit

By Amy Leisinger, J.D. HM Treasury has set out its approach to financial services statutory instruments (SIs) under the EU (Withdrawal) Act. According to the ministry, during the implementation period, the UK will continue to implement new EU law that comes into effect and be treated as part of the EU’s single market and access between UK and EU markets will continue on current terms. The Act converts the existing body of applicable EU law into UK domestic law, and HM Treasury plans to delegate authority to the UK’s financial services regulators to address any deficiencies resulting from Brexit. The publication notes that the implementation period agreed to by the UK and the EU will be in place between March 29, 2019, and December 31, 2020, providing time to introduce new arrangements, but that UK firms will need to comply with any new EU legislation during the implementation period. EU and third-country infrastructures with existing EU authorization will continue…

Read more detail on Recent Banking and Finance Law posts –

This entry was posted in Banking and Finance law and tagged , , , , , , . Bookmark the permalink.

Leave a Reply