BREXIT RESOURCE CENTER OVERVIEW PEOPLE PERSPECTIVES NEWS AND EVENTS OVERVIEW Please email us if you have any questions about the impact of Brexit on your business. BrexitQuestions@shearman.com What does the U.K.’s vote to leave the European Union really mean for business? Our lawyers continue to assess, examine and provide practical guidance on the implications of Brexit for financial institutions, corporates, governments and governmental organizations. Brexit Consolidated Legislation See important information about usage of these materials. The consolidated legislation available below is up to date as at 25 February 2019, except for EMIR and MiFIR, which are up to date as at 31 December 2020. EU Legislation Being Onshored Onshoring Legislation Parties Affected Consolidated Legislation AIFMD Primary Legislation Alternative Investment Fund Managers (Amendment) (EU Exit) Regulations 2019 Primarily affects Alternative Investment Fund Managers that are already regulated in the U.K. under the Alternative Investment Fund Managers Regulations 2013 and AIFMs currently marketing EEA AIFs in the U.K. They are also relevant for fund managers that market EEA UCITS into the U.K. Consolidated AIFM Regulations 2013 BRRD Primary legislation Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 UK banks, building societies, investment firms, banking group companies and central counterparties. Shareholders, depositors and debtholders in these institutions will also be interested, as well as any individual, firm or group that is a market participant or involved in the application of insolvency law in the financial sector Consolidated Banking Act 2009 CRR Primary legislation Capital Requirements (Amendment) (EU Exit) Regulations 2018 (note: the consolidation does not include the Capital Requirements (Amendment) (EU Exit) Regulations 2019 (SI 2019/1232)) Primarily affects banks, building societies and investment firms already regulated in the U.K. under the EU CRR. Consolidated CRR CSDR Primary Legislation Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 Primarily affects CSDs operating in the U.K. at the point of exit and CSDs that are currently providing services relating to the U.K. as defined in the CSDR. The Regulations are also relevant for end-users of CSD services, market infrastructures with links to U.K. CSDs and firms that undertake settlement internalization. Consolidated CSDR EMIR Primary legislation Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. The Regulations will also, like EMIR, have impact on persons around the world which enter into derivatives with U.K. persons, through U.K. clearing members or that are ultimately held with CCPs that are regulated or recognized in the U.K. Consolidated EMIR Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 Primarily affects CCPs, clearing members, their clients, Trade Repositories, TR users and U.K. persons entering into derivatives contracts. Onshores the EMIR Refit amendments. Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 Primarily affects Trade Repositories in both the U.K. and the EU that are currently registered with and supervised by the European Securities and Markets Authority and that are planning to continue servicing the U.K. market after Brexit. Central Counterparties (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 Primarily affects non-UK CCPs. Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 Primarily affects non-UK CCPs and U.K. CCPs. Onshores the EMIR 2.2 amendments. MiFIR Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 Primarily affects MiFID II-authorized firms including investment banks, stock and futures exchanges, broker-dealers, investment advisers and managers. Consolidated MiFIR Consolidated Commission Delegated Regulation 2017/565 Consolidated Commission Delegated Regulation 2017/567 Consolidated Data Reporting Services Regulations 2017 Consolidated FSMA 2000 (Markets in Financial Instruments) Regulations 2017 Consolidated Schedules to FSMA 2000 (Regulated Activities) Order 2001 PRIIPs Primary Legislation Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 Primarily affects firms that manufacture, sell or advise on retail investment products that fall within the scope of the PRIIPs Regulation. This includes, but is not limited to, asset managers, insurers and investment advisors. Consolidated PRIIPs SFR Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 Primarily affects EU systems that conduct business with U.K. participants, by providing for the continuation of U.K. settlement finality protections currently provided under the Settlement Finality Directive. Consolidated SFR Consolidated Part VII, Companies Act 1989 Consolidated Financial Markets and Insolvency Regulations 1991 UCITS Primary legislation Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 Primarily affects EEA fund managers operating UCITS authorized in the U.K., fund managers marketing EEA UCITS into the U.K. and depositaries that provide services to U.K. authorized funds. Consolidated UCITS Regulations 2011 Binding Technical Standards AIFMD Binding Technical Standards Regulator Responsible: FCA Consultations: FCA CP18/28 Technical Standards (Alternative Investment Funds Management Directive) (EU Exit) Instrument 2019 Policy Statement: FCA PS19/5Technical Standards (Alternative Investment Funds Management Directive) (EU Exit) Instrument 2019 Instrument: FCA 2019/37 Technical Standards (Alternative Investment Funds Management Directive) (EU Exit) Instrument 2019 BRRD Binding Technical Standards Regulators responsible: FCA, PRA and BoE Consultations: BoE: BoE Resolution CP Technical Standards (Bank Resolution And Recovery) (Amendment Etc.) (EU Exit) (No 1) Instrument BoE and PRA: BoE Further Changes CP / PRA CP32/18 Technical Standards (Bank Resolution and Recovery) (Amendment Etc.) (EU Exit) (No 1) Instrument PRA and FCA: PRA CP26/18 Technical Standards (Bank Resolution and Recovery Directive) (EU Exit) (No 2) Instrument 2019 Policy Statements: BoE: PRA PS5/19: Technical Standards (Bank Recovery and Resolution) (Amendment Etc.) (EU Exit) (No 1) Instrument 2019 PRA and FCA: PRA PS5/19: Technical Standards (Bank Recovery and Resolution Directive) (EU Exit) (No 2) Instrument 2019 FCA: FCA PS19/5 Financial Conduct Authority Technical Standards (Bank Recovery and Resolution Directive) (EU Exit) Instrument 2019 Instruments: PRA and FCA: Technical Standards (Bank Recovery and Resolution Directive) (EU Exit) (No 2) Instrument 2019 FCA: FCA 2019/57 Financial Conduct Authority Technical Standards (Bank Recovery and Resolution Directive) (EU Exit) Instrument 2019 BoE: Technical Standards (Bank Recovery and Resolution) (Amendment Etc.) (EU Exit) (No 1) Instrument 2019 CRR Binding Technical Standards Regulators responsible: FCA and PRA Consultations: PRA and FCA: PRA CP26/18 Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument and Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument PRA: PRA CP26/18 Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument BoE Further Changes CP / PRA CP32/18 Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument Policy Statement: PRA and FCA: PRA PS5/19 Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument 2019 and Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument 2019 FCA: FCA PS19/5 Financial Conduct Authority Technical Standards (Capital Requirements Directive and Regulation) (EU Exit) Instrument 2019 PRA: PRA PS5/19 Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument 2019 Instruments: PRA and FCA: Technical Standards (Capital Requirements) (EU Exit) (No 1) Instrument 2019 and Technical Standards (Capital Requirements) (EU Exit) (No 3) Instrument 2019 FCA: FCA 2019/58 Financial Conduct Authority Technical Standards (Capital Requirements Directive and Regulation) (EU Exit) Instrument 2019 PRA: Technical Standards (Capital Requirements) (EU Exit) (No 2) Instrument 2019 CSDR Binding Technical Standards Regulators responsible: PRA and BoE Consultations: PRA: PRA CP26/18 Technical Standards (Central Securities Depositories Offering Ancillary Banking Services) (EU Exit) Instrument BoE: BoE CP – Financial Markets Infrastructure Technical Standards (Central Securities Depositories) (Amendment Etc.) (EU Exit) Instrument Policy Statement: PRA: PRA PS5/19 Technical Standards (Central Securities Depositories Offering Ancillary Banking Services) (EU Exit) Instrument 2019 BoE: PRA PS5/19 Technical Standards (Central Securities Depositories) (Amendment Etc.) (EU Exit) Instrument 2019 Instruments: PRA: Technical Standards (Central Securities Depositories Offering Ancillary Banking Services) (EU Exit) Instrument 2019 BoE: Technical Standards (Central Securities Depositories) (Amendment Etc.) (EU Exit) Instrument 2019 EMIR Binding Technical Standards Regulators responsible: FCA, PRA and BoE Consultations: FCA: FCA CP18/28 and FCA CP18/36: Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019 and Technical Standards (European Market Infrastructure Regulation) (EU Exit) Instrument 2019 FCA and BoE: BoE CP – Financial Markets Infrastructure Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No. 1) Instrument and Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No 2) Instrument PRA and FCA: PRA CP26/18 Technical Standards (European Markets Infrastructure) (EU Exit) (No 3) Instrument Policy Statements: FCA: FCA PS19/5 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019 BoE: PRA PS5/19 Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No 1) Instrument 2019, BoE and FCA: PRA PS5/19 Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No 2) Instrument 2019 and Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 2) Instrument 2019 PRA and FCA: PRA PS5/19 Technical Standards (European Market Infrastructure) (EU Exit) (No 3) Instrument 2019 Instruments: FCA: FCA 2019/40 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 1) Instrument 2019 and FCA 2019/65 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 3) Instrument 2019 FCA and BoE: FCA 2019/62 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 2) Instrument 2019 and FCA 2019/66 Technical Standards (European Market Infrastructure Regulation) (EU Exit) (No 4) Instrument 2019 FCA and PRA: Technical Standards (European Market Infrastructure) (EU Exit) (No 3) Instrument 2019 BoE: Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No 1) Instrument 2019 and Technical Standards (European Market Infrastructure) (Amendment Etc.) (EU Exit) (No 2) Instrument 2019 MiFIR Binding Technical Standards Regulators responsible: FCA, PRA and BoE Consultations: FCA: FCA CP 18/28 and FCA CP 18/36 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 1) Instrument 2019 FCA CP 18/28 Technical Standards (Market in Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019 FCA CP 18/36 Technical Standards (MiFIR Transparency) (EU Exit) Instrument 2019 FCA and BoE: FCA CP 18/28 Technical Standards (Markets in Financial Instruments Regulation) (EU Exit) (No 2) Instrument 2019 FCA and PRA: FCA CP 18/28 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 2) Instrument 2019 Policy Statement: FCA: FCA PS19/5 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 1) Instrument 2019, Technical Standards (Markets in Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019, and Technical Standards (MiFIR Transparency) (EU Exit) Instrument 2019 FCA and PRA: FCA PS19/5 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 2) Instrument 2019 FCA and BoE: FCA PS19/5 Technical Standards (Markets in Financial Instruments Regulation) (EU Exit) (No 2) Instrument 2019 PRA: PS5/19 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (PRA) Instrument 2019 Instruments: FCA: FCA 2019/46 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 1) Instrument 2019, FCA 2019/64 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 3) Instrument 2019, FCA 2019/47 Technical Standards (Markets in Financial Instruments Regulation) (EU Exit) (No 1) Instrument 2019 and FCA 2019/48 Technical Standards (MiFIR Transparency) (EU Exit) Instrument 2019 FCA and PRA: FCA 2019/60 Technical Standards (Markets in Financial Instruments Directive) (EU Exit) (No 2) Instrument 2019 FCA and BoE: FCA 2019/61 Technical Standards (Markets in Financial Instruments Regulation) (EU Exit) (No 2) Instrent 2019 PRA: Technical Standards (Markets in Financial Instrumuments Directive) (EU Exit) (PRA) Instrument 2019 PRIIPs Binding Technical Standards Regulators responsible: FCA Consultations: FCA CP18/36 Technical Standards (Packaged Retail and Insurance-Based Investment Products) (EU Exit) Instrument 2019 Policy Statement: FCA PS19/5 Technical Standards (Packaged Retail and Insurance-Based Investment Products Regulation) (EU Exit) Instrument 2019 Instrument: FCA 2019/50 Technical Standards (Packaged Retail and Insurance-Based Investment Products Regulation) (EU Exit) Instrument 2019 UCITS Binding Technical Standards Regulator responsible: FCA Consultations: FCA CP18/28 Technical Standards (Undertakings for Collective Investment in Transferable Securities Directive) (EU Exit) Instrument 2019 which proposes to revoke the UCITS Binding Technical Standards Policy Statement: FCA PS19/5 Technical Standards (Undertakings for Collective Investment in Transferable Securities Directive) (EU Exit) Instrument 2019 Instrument: FCA 2019/56 Technical Standards (Undertakings for Collective Investment in Transferable Securities Directive) (EU Exit) Instrument 2019 PRACTICES Capital Markets Financial Institutions Advisory & Financial Regulatory Finance Financial Restructuring & Insolvency Investment Funds INDUSTRIES Financial Services NEWS VIDEO: UK SUBSIDY CONTROL AFTER BREXIT PERSPECTIVE UK LITIGATION REVIEW 2021 PEOPLE BARNABAS REYNOLDS LEGAL NOTICES CONTACT © Shearman & Sterling 2021 | Attorney Advertising Cookies Notification We use cookies to make our site work well for you and to provide you with an improved user experience. 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