Impact of Brexit: Deposit Guarantee Schemes—quick guide

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

  • Impact of Brexit: Deposit Guarantee Schemes—quick guide
  • Background: The UK’s Brexit preparations and the EU-UK trade agreement
  • Relevant retained EU law and UK legislation—deposit guarantee schemes
  • Key changes introduced by the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018
  • Treating EEA Member States as third countries
  • Changes to ‘deposit’ and ‘eligible deposit’ definitions
  • Transfer of power to set the deposit coverage level
  • Co-operation between the FSCS and EEA DGSs
  • Removal of PRA obligations to notify the EBA
  • Amendments to primary legislation
  • More...

Impact of Brexit: Deposit Guarantee Schemes—quick guide

This Brexit Deposit Guarantee Schemes Directive 2014/49/EU (EU DGSD) quick guide details UK legislation and retained EU legislation that were amended and/or revoked by the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1285 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.

Background: The UK’s Brexit preparations and the EU-UK trade agreement

The SI is part of HM Treasury’s programme of SIs under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) which were intended to deal with contingency preparations for a no-deal Brexit. It forms part of the process of domesticating EU law to ensure legal continuity following the end of the implementation period that followed 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 made 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, including a transition period (or, to use the UK government’s phraseology, the ‘implementation period’) which began on 31 January 2020 and ended on

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