Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 2) Regulations 2019

Regulatory Updates | 05/04/19

Under the legislative powers of the European Union (Withdrawl) Act 2018 in preparation of Brexit this draft enactment is being laid to safeguard a functional and fully operative financial services regulatory regime once the UK leaves the EU. Amendments have been proposed to correct errors identified in the financial services EU exit statutory instruments and to an EU delegated regulation, which will in turn ensure consistency and effective operation after the UK leaves the EU. The draft Regulations will enter into force the day after they are made. There are several notable areas of these draft Regulations:
• Part 2 – proposal for amendment on the EEA Passport Rights (SI 2018/1149)
• Part 3 – proposal for amendment of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (SI 2018/1201)
• Part 4 – Insertion of new Part 6 within the Financial Conglomerates and Other Financial Groups (Amendment etc.) (SI 2019/264)
• Part 5 – proposal for minor amendment to the Long-term Investment Funds Regulations 2019 (SI 2019/336)
Part 6 – proposal for minor amendment to EU Commission Delegated Regulation (EU) 2015/61 of 10 October 2014 to supplement EU Regulation (EU) 575/2013 of the European Parliament and the Council in relation to liquidity coverage requirement for Credit Institutions