Quick Look Brexit Financial Services Legislation Status Guide—CRR
Quick Look Brexit Financial Services Legislation Status Guide—CRR

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

  • Quick Look Brexit Financial Services Legislation Status Guide—CRR
  • Onshored CRR—from 1 January 2021
  • Provisions of EU CRR as amended by EU CRR II which apply from dates falling during the implementation period and are included in EU retained law (subject to modification by SIs)
  • Provisions of EU CRR as amended by EU CRR II which apply from dates falling after IP completion day and are not included in EU retained law
  • Onshored BTS relating to the CRR—from 1 January 2021

This Quick Look Brexit Financial Services Legislation Status Guide provides high-level information on the status of the Capital Requirements Regulation (EU) 575/2013 (the EU CRR), and Regulation (EU) 2019/876 (EU CRR II) which amends it, under UK law with effect from 1 January 2021. For more detailed information on the effect of Brexit on prudential regulation and the EU CRR, see Practice Note: Impact of Brexit: CRR and prudential regulation—quick guide. For high-level information on the status of the coronavirus (COVID)-related amendments to EU CRR and EU CRR II made by Regulation (EU) 2020/873 (OJ L 204/4) as part of the targeted EU banking package issued in response to the pandemic, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—COVID-19-related amendments to CRR and CRR II.

During the implementation period which began on 31 January 2020 and ended on 31 December 2020 (IP completion day), the EU CRR was directly applicable in the UK in accordance with the European Union (Withdrawal) Act 2018 (EU(W)A 2018), as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), and the Withdrawal Agreement between the UK and the EU.

With effect from 1 January 2021:

  1. EU CRR and the EU CRR level 2 measures, as modified by EU CRR II (where applicable) and by statutory instruments (SIs) issued as part of the onshoring process under the

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