Preparing for Brexit: EMIR—quick guide
Preparing for Brexit: EMIR—quick guide

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

  • Preparing for Brexit: EMIR—quick guide
  • UK preparations for Brexit
  • EMIR
  • Legislation amended by the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
  • Key changes introduced by the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019
  • Legislation amended by the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
  • Key changes introduced by the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
  • Legislation amended by the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018
  • Key changes introduced by the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018
  • Legislation amended by the Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019
  • more

This quick guide details current UK legislation and retained EU legislation that will be amended and/or revoked by:

  1. the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 SI 2019/335 (the OTC SI)

  2. the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 SI 2018/1184 (the CCP SI)

  3. the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 SI 2018/1318 (the TR SI)

  4. the Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 SI 2019/662 (the IE SI), and

  5. the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, SI 2019/541 (the Equivalence SI and, together with the OTC SI, the CCP SI, the TR SI and the IE SI, the EMIR SIs)

The EMIR SIs are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with preparations for Brexit. They form 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.

The OTC SI, and some provisions of the CCP SI, the IE SI and the Equivalence SI, come into force