Quick Look Brexit Financial Services Legislation Status Guide—EMIR

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

  • Quick Look Brexit Financial Services Legislation Status Guide—EMIR
  • Onshored EMIR—from 1 January 2021
  • Provisions of EMIR and level 2 measures which apply from dates falling in the implementation period and are included in EU retained law (subject to modification by SIs)
  • Provisions of EU EMIR which apply from dates falling after IP completion day and are not included in EU retained law

Quick Look Brexit Financial Services Legislation Status Guide—EMIR

This Quick Look Brexit Financial Services Legislation Status Guide provides high level information on the status of the European Market Infrastructure Regulation (EU) 648/2012 (OJ L 201/1) (EU EMIR) under UK law from 1 January 2021. For more detailed information, see Practice Note: Impact of Brexit: EMIR—quick guide.

During the implementation period beginning on 31 January 2020 and ending on 31 December 2020 (IP completion day), EMIR 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. EMIR and the EMIR level 2 measures, as modified by statutory instruments (SIs) issued as part of the onshoring process under EU(W)A 2018, form part of EU retained law and accordingly apply in the UK— see: Onshored EMIR—from 1 January 2021 and Retained Regulation (EU) 648/2012 (UK EMIR)

  2. provisions of EMIR and level 2 measures which apply from dates falling in the implementation period are included in the provisions of EMIR forming part of EU retained law (subject to modification by SIs)—for ease of reference these are listed in: Provisions of EMIR and level 2 measures which apply from dates falling in the implementation period and will

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