Impact of Brexit: BRRD—quick guide
Impact of Brexit: BRRD—quick guide

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

  • Impact of Brexit: BRRD—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—bank recovery and resolution
  • Key changes introduced by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
  • Binding Technical Standards—bank recovery and resolution
  • FCA Handbook amendments
  • PRA Rulebook amendments
  • ‘In-flight’ EU financial services legislation—BRRD
  • Temporary transitional powers
  • HM Treasury power to designate third countries as equivalent in the event of no-deal Brexit
  • more

This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details current UK legislation and retained EU legislation that will be amended and/or revoked by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394, 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) and Prudential Regulation Authority (PRA) regulatory rules and guidance.

UK preparations for Brexit

The SI is part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. It forms part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU.

The 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 new Withdrawal Agreement sets 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 will be treated, for most