Impact of Brexit: Market Abuse Regulation—quick guide

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

  • Impact of Brexit: Market Abuse Regulation—quick guide
  • Overview of onshored and preserved EU-derived law post-IP completion day
  • Market Abuse Regulation
  • UK implementation of the EU Market Abuse Regulation
  • Market Abuse (Amendment) (EU Exit) Regulations 2019
  • Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020
  • Binding Technical Standards—market abuse
  • Temporary transitional powers
  • Amendments to the Market Conduct sourcebook (MAR) in the FCA Handbook
  • Written statement HCWS309 and Financial Services Bill

Impact of Brexit: Market Abuse Regulation—quick guide

This quick guide provides high-level information on the measures taken under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) to onshore Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation)

The principal measure taken under (EU(W)A 2018) to onshore the EU Market Abuse Regulation was the Market Abuse (Amendment) (EU Exit) Regulations 2019, SI 2019/310 (the Market Abuse Exit Regulations), made on 18 February 2019.

The Market Abuse Exit Regulations have been amended by the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/680, the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212 and the Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020, SI 2020/1301.

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

EU(W)A 2018 created a programme of SIs dealing with contingency preparations for a no-deal Brexit. The SIs made under EU(W)A 2018 form 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 sets out the arrangements for UK withdrawal from the EU. It includes a transition

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