Impact of Brexit: Benchmarks Regulation—quick guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Impact of Brexit: Benchmarks Regulation—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • Relevant EU law and UK legislation—benchmarks
  • Key changes introduced by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019
  • Scope of the Benchmarks Regulation
  • FCA register of approved benchmarks and benchmark administrators
  • Temporary migration of EU benchmarks and benchmark administrators
  • Third country regime for benchmark administrators
  • Transfer of responsibilities
  • Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019
  • More...

Impact of Brexit: Benchmarks Regulation—quick guide

This quick guide details UK legislation and retained EU legislation that has been amended and/or revoked by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, SI 2019/657 (Benchmarks Exit Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance.

Overview of onshored and preserved EU-derived law post-IP completion day

The Benchmarks Exit Regulations were made on 25 March 2019. They were part of HM Treasury’s programme of SIs under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The Benchmarks Exit Regulations formed part of the process of domesticating EU law to ensure legal continuity following the UK’s exit from the EU.

EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU.

The Withdrawal Agreement set out the arrangements for the UK’s withdrawal from the EU. It includes a transition period (or, to use the UK government’s phraseology, an ‘implementation period’) beginning on 31 January 2020 and ending on 31 December 2020. During the implementation period, the UK was treated, for most purposes, as if

Popular documents