This Brexit Alternative Investment Fund Managers Directive 2011/61/EC (AIFMD) quick guide details current UK legislation and retained EU legislation relating to alternative investment fund managers (AIFMs) that are amended and/or revoked by the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/328 (the AIFMD Exit Regulations), and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance. The below summary sets out arrangements in relation to onshoring EU rules for AIFMs after the Brexit implementation period. For further practical guidance on Brexit preparations by asset managers and investment funds, including the impact of Brexit on delegation by AIFMs, see Practice Note: Impact of Brexit on asset managers and investment funds [Archived]. Overview of onshored and preserved EU-derived law post IP-completion day The AIFMD Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal

ARCHIVED: This Practice Note has been archived and is not maintained. This Brexit quick guide considers measures under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) (as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020)) to implement and update the UK’s anti-money laundering (AML)/counter-terrorist financing (CTF) regime post-Brexit, including onshoring the Wire Transfer Regulation (WTR2). It considers in-flight European AML/CTF legislation, the Sanctions and Anti-Money Laundering Act 2018 (SAMLA 2018), updates to the Money Laundering Regulations (MLRs) from EU Exit statutory instruments, and consequential changes to the FCA Handbook. For developments, relating to the UK and EU’s UK AML/CTF regime post Brexit, including the developments summarised in this quick guide, see the following Practice Notes: Introduction to the UK AML/CTF legal and regulatory framework for financial services and The EU AML/CTF legal and regulatory framework for financial services under MLD4 [Archived]. This Brexit quick guide considers measures under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) (as amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020))

This Brexit Bank Recovery and Resolution Directive 2014/59/EU quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1394 (the BRRD SI), the Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020, SI 2020/1350 (the BRRDII SI), and other instruments with effect from the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also highlights key areas in which the UK has opted to diverge from the EU bank recovery and resolution regime following the end of the implementation period. For high-level information on the status of EU bank recovery and resolution legislation under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—BRRD and BRRD II [Archived]. Background: The UK’s Brexit preparations and the EU-UK trade agreement The BRRD SI and the BRRDII SI

This quick guide details UK legislation and retained EU legislation that has been amended and/or revoked by the Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, SI 2019/657 (Benchmarks Exit Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance. Overview of onshored and preserved EU-derived law post-IP completion day The Benchmarks Exit Regulations were made on 25 March 2019. They were part of HM Treasury’s programme of SIs under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. The Benchmarks Exit Regulations formed part of the process of domesticating EU law to ensure legal continuity following the UK’s exit from the EU. EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which makes provision for the ratification and implementation in domestic law of the Withdrawal Agreement between the UK and the EU. The Withdrawal Agreement

This Brexit Capital Requirements Regulation (EU) 575/2013 (EU CRR) quick guide details UK legislation and retained EU legislation that was amended and/or revoked by the Capital Requirements (Amendment) (EU Exit) Regulations 2018, SI 2018/1401 (the CRR SI), the Capital Requirements (Amendment) (EU Exit) Regulations 2019, SI 2019/1232 (the CRRII SI), the Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020, SI 2020/1406 (the CRDV SI), and other instruments with effect from the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. It also highlights key areas in which the UK has opted to diverge from the EU prudential regime following the end of the implementation period. For a high-level overview of the status of the EU CRR and EU CRR II under UK law with effect from 1 January 2021, see Practice Note: Quick Look Brexit Financial Services Legislation

This Brexit consumer credit quick guide details UK legislation and retained EU legislation that have been amended and/or revoked by the Consumer Credit (Amendment) (EU Exit) Regulations 2018, SI 2018/1038 (the Consumer Credit Exit Regulations 2018) and other instruments (including the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, SI 2019/632 (the FSMA Exit Regulations 2019) at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance. Overview of onshored and preserved EU-derived law post-IP completion day The Consumer Credit Exit Regulations 2018 and the FSMA Exit Regulations 2019 are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a no-deal Brexit. It forms part of the process of domesticating EU law to ensure legal continuity at the end of the implementation period following the UK’s exit from the EU. The EU(W)A 2018 was subsequently amended by the European Union (Withdrawal

This Brexit Deposit Guarantee Schemes Directive 2014/49/EU (EU DGSD) quick guide details UK legislation and retained EU legislation that were amended and/or revoked by the Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018, SI 2018/1285 and other instruments with effect from the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) regulatory rules and guidance. Background: The UK’s Brexit preparations and the EU-UK trade agreement The SI is part of HM Treasury’s programme of SIs under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) which were intended to deal with contingency preparations for a no-deal Brexit. It forms part of the process of domesticating EU law to ensure legal continuity following the end of the implementation period that followed the UK’s exit from the EU The EU(W)A 2018 was subsequently amended by the European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020), which made provision for the ratification and implementation in domestic

This E-commerce and financial services quick guide details current UK legislation and retained EU legislation relating to financial services e-commerce requirements that were amended and/or revoked by the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1361 (the E-Commerce Exit Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU. The below summary sets out Brexit arrangements in relation to onshoring EU rules for e-commerce financial services providers after Brexit. Overview of onshored and preserved EU-derived law post-IP completion day The E-Commerce Exit Regulations 2019 were made on 25 March 2019. The E-Commerce Exit Regulations are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 EU(W)A 2018 dealing with contingency preparations for a ‘no deal’ Brexit. The E-Commerce Exit Regulations 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

This quick guide details current UK legislation and retained EU legislation that has been amended and/or revoked by: • the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2019 SI 2019/335 (the OTC SI) • the Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 2018 SI 2018/1184 (the CCP SI) • the Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 SI 2018/1318 (the TR SI) • the Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 SI 2019/662 (the IE SI), and • the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019, SI 2019/541 (the Equivalence SI and, together with the OTC SI, the CCP SI, the TR SI and the IE SI, the EMIR SIs) The OTC SI is amended by: . • the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/680 • the Financial Services (Miscellaneous Amendment) (EU Exit) Regulations 2019, SI 2019/710 • the Financial Services (Electronic

This insurance distribution quick guide details current UK legislation and retained EU legislation in relation to insurance distribution requirements that were amended and/or revoked by the Insurance Distribution (Amendment) (EU Exit) Regulations 2019, SI 2019/663 (ID Exit Regulations 2019) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) rules and guidance. Overview of onshored and preserved EU-derived law post-IP completion day The ID Exit Regulations 2019 were made on 25 March 2019. The SI is part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 EU(W)A 2018 dealing with contingency preparations for a ‘no deal’ Brexit. This SI forms 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 stood immediately before the UK’s departure. EU(W)A 2018 was subsequently amended by the European Union (Withdrawal

This Interchange Fee Regulation (Regulation (EU) 2015/751) (OJ L 123/1) (EU IFR) quick guide details UK legislation and retained EU legislation in relation to requirements that has been amended by the Interchange Fee (Amendment) (EU Exit) Regulations 2019, SI 2019/284 (Interchange Fee Exit Regulations 2019) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) rules and guidance. The below summary sets out Brexit arrangements in relation to onshoring EU rules for payment account providers after IP completion day. Overview of onshored and preserved EU-derived law post-IP completion day The Interchange Fee Exit Regulations 2019 are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) dealing with contingency preparations for a ‘no deal’ Brexit. The Interchange Fee Exit Regulations 2019 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

This quick guide provides high-level information on the measures taken under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) to onshore Regulation (EU) 596/2014 (OJ L 173/1) (the EU Market Abuse Regulation) The principal measure taken under (EU(W)A 2018) to onshore the EU Market Abuse Regulation was the Market Abuse (Amendment) (EU Exit) Regulations 2019, SI 2019/310 (the Market Abuse Exit Regulations), made on 18 February 2019. The Market Abuse Exit Regulations have been amended by the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/680, the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212 and the Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020, SI 2020/1301. Overview of onshored and preserved EU-derived law post-IP completion day EU(W)A 2018 created a programme of SIs dealing with contingency preparations for a no-deal Brexit. The SIs made under EU(W)A 2018 form part of the process of domesticating EU law to ensure legal continuity following the UK’s exit from the EU. EU(W)A