Quick Look Brexit Financial Services Legislation Status Guide—CRD IV and CRD V
Quick Look Brexit Financial Services Legislation Status Guide—CRD IV and CRD V

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

  • Quick Look Brexit Financial Services Legislation Status Guide—CRD IV and CRD V
  • Amendments to key UK legislation implementing EU CRD IV
  • Provisions of EU CRD V (amending EU CRD IV) which began to apply on dates falling during the implementation period and are included in EU retained law (subject to modification by SIs)
  • Provisions of EU CRD IV as amended by EU CRD V which apply from dates falling after IP completion day and are not included in EU retained law
  • Onshored BTS relating to EU CRD IV—from 1 January 2021

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of the Capital Requirements Directive IV (Directive 2013/36/EU) (EU CRD IV), and Directive (EU) 2019/878 (OJ L 150/253) (EU CRD V) which amends it, under UK law with effect from 1 January 2021. For more detailed information on the effect of Brexit on prudential regulation, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide. For a high-level overview of the status of the Capital Requirements Regulation (EU) 575/2013 (EU CRR) and Regulation (EU) 2019/876 (EU CRR II) under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—CRR.

EU CRD IV was implemented into UK law by sector-specific UK legislation including the Regulated Covered Bonds Regulations 2008 SI 2008/346, the Capital Requirements (Country-by-Country Reporting) Regulations 2013, SI 2013/3118 and the Capital Requirements, (Capital Buffers and Macroprudential Measures) Regulations 2014, SI 2014/894. These statutory instruments (SIs) applied as usual in the UK during the implementation period which began on 31 January 2020 and ended on 31 December 2020 (IP completion day).

EU CRD V was part of the EU banking package, which entered into force on 27 June 2019. EU Member States were required to transpose EU CRD V into national legislation by 28 December 2020, with some exceptions. For more

Related documents:

Popular documents