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

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

  • Impact of Brexit: BRRD—quick guide
  • Background: How did the UK prepare for its post-Brexit position?
  • 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
  • Aligning UK treatment of EEA states with third countries
  • Removal of the BRRD’s operational and procedural mechanisms
  • Cross-references to BRRD and other EU legislation
  • Amending BRRD’s retained direct EU legislation
  • Key changes introduced by the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020
  • Changes to the financial regulators’ powers
  • More...

This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 (the BRRD SI), the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, SI 2020/1350 (the BRRDII SI), and other instruments with effect from 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. It also highlights key areas in which the UK has opted to diverge from the EU bank recovery and resolution regime following the end of the implementation period. For high-level information on the status of EU bank recovery and resolution legislation under UK law from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II.

Background: How did the UK prepare for its post-Brexit position?

The BRRD SI and the BRRDII SI (together, the SIs) are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) which were intended to deal with contingency preparations for a no-deal Brexit. They form part of the process of domesticating EU law to ensure legal continuity from the end of the implementation

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