The Single Rulebook
Produced in partnership with DLA Piper

The following Financial Services practice note produced in partnership with DLA Piper provides comprehensive and up to date legal information covering:

  • The Single Rulebook
  • Background to the Single Rulebook
  • Single Rulebook—provisions
  • Role of the European Banking Authority
  • Does the Single Rulebook solve the problem?

The Single Rulebook

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.

Background to the Single Rulebook

Historically, the European Commission (Commission) favours using Directives (rather than Regulations) to set out its legislation in respect of the financial services sector. However, Directives, allowing Member States greater flexibility in how they implement legislation into their local law, have caused many firms operating across the Single Market to face legal uncertainty and difficulty in adopting a consistent approach in their operations due to the differences in Member States' application of European banking legislation. The European Council (Council) introduced the term Single Rulebook in 2009, with the vision of adopting a regulatory framework that would be uniform throughout the EU financial sector, creating greater consistency, transparency and efficiency. The intention was to close regulatory loopholes and contribute to a more effective functioning of the Single Market. However, as Commissioner Michel Barnier noted, developing a Single Rulebook is a ‘vast undertaking’, and an effective method of implementation

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