Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing—quick guide
Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing—quick guide

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

  • Preparing for Brexit: Regulations relating to the European Supervisory Authorities and the European Systemic Risk Board and Information Sharing—quick guide
  • UK preparations for Brexit
  • ESA SIs
  • Disclosure SI
  • Regulators transitional powers
  • FCA approach to transitional powers
  • PRA Approach to transitional powers

This Brexit Financial Services European Supervisory Authorities 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 regulations relating to the European Supervisory Authorities and the European Systemic Risk Board (ESA SI) (which have yet to be published in draft form) and The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (Disclosure SI) in the event of a no-deal Brexit.

HM Treasury intends to use statutory instruments (SIs) under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) to amend or revoke current regulations relating to the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB), as once the UK is outside of the EU’s regulatory and supervisory framework the ESAs and ESRB will no longer carry out their functions in relation to the UK. The SIs are part of HM Treasury’s programme of statutory instruments under EU(W)A 2018 dealing with contingency preparations for a ‘no deal’ Brexit. The SIs 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 Disclosure Regulations set out the gateways that allow UK