Preparing for Brexit: Deposit Guarantee Scheme and Miscellaneous Provisions Regulations—quick guide
Preparing for Brexit: Deposit Guarantee Scheme and Miscellaneous Provisions Regulations—quick guide

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

  • Preparing for Brexit: Deposit Guarantee Scheme and Miscellaneous Provisions Regulations—quick guide
  • UK preparations for Brexit
  • Relevant retained EU law and UK legislation—deposit guarantee scheme
  • Key changes introduced by the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018—Made 3rd December 2018
  • ‘In-flight’ EU financial services legislation—prudential requirements
  • Regulators’ transitional powers
  • FCA approach to transitional powers
  • PRA Approach to transitional powers

This Brexit Deposit Guarantee Schemes Directive (EC) 94/19 (amended by Directive (EC) 2009/14) (DGSD) quick guide details current UK legislation, retained EU legislation and FCA and PRA regulatory rules and guidance that will be amended and/or revoked by the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 statutory instrument (SI) in the event of a no-deal Brexit. The SI is 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 SI forms part of the process of domesticating EU law to ensure legal continuity at the point of the UK’s exit from the EU EU(W)A 2018 ‘onshores’ and preserves most EU and EU-derived law as it stands immediately before the UK’s departure. In a letter dated 14 February 2019, the Minister for the Cabinet Office confirmed that should the UK reach a deal with the EU and the UK enters a two year implementation period as set out in the Withdrawal Agreement, the EU (Withdrawal Agreement) Bill will need to amend EU(W)A 2018 to reflect the fact that the SIs will not come into force on exit day but will instead come into force at the end of the implementation period. For further details, please see the July 2018 UK government White Paper