This Regulation (EU) 1286/2014 on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (PRIIPs Regulation) quick guide details current UK legislation and retained EU legislation that are amended by the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, SI 2019/403 (PRIIPs Exit Regulations or SI 2019/403) (as amended by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020, SI 2020/628 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 PRIIPs after the Brexit implementation period. Overview of onshored and preserved EU-derived law The PRIIPs 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 Brexit. The PRIIPs Exit Regulations form part of the process of domesticating (‘onshoring’)

This Payment Accounts Directive (Directive 2014/92/EU) (PAD) quick guide details UK legislation and retained EU legislation in relation to requirements that have been amended by the Payment Accounts (Amendment) (EU Exit) Regulations 2019, SI 2019/661 (Payment Accounts 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. The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for payment account providers after Brexit. Overview of onshored and preserved EU-derived law post-IP completion day The Payment Accounts 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 Payment Accounts 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 2018 ‘onshores’ and preserves most EU and EU-derived law

This payment services and electronic money directives quick guide details current UK legislation and retained EU legislation and Financial Conduct Authority (FCA) rules and guidance in relation to payment services and electronic money requirements that are amended by the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 statutory instrument, SI 2018/1201 (the E-Money and Payments Exit Regulations 2018) and the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/1212 (the E-Money and Payments Exit Regulations 2019) (together the E-Money and Payments 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) rules and guidance to payment services and electronic money requirements. The below summary sets out Brexit preparations and contingency plans in relation to onshoring EU rules for e-money and payment services providers after Brexit. Overview of onshored and preserved EU-derived law post-IP completion day The E-Money

This Single European Payments Area (SEPA) quick guide details current UK legislation and retained EU legislation in relation to requirements that were amended by the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018, SI 2018/1199 (Transfers and Debits Exit Regulations 2018) at the end of the implementation period following the UK’s withdrawal from the EU. The legal framework for SEPA lies in the Payment Services Directive (Directive 2007/64/EC) (PSD), since replaced by the recast Payment Services Directive (Directive (EU) 2015/2366) (PSD2). PSD and its replacement, PSD2, provide a harmonised legal framework for payments in the European Union, which is necessary for the smooth functioning of SEPA.  The legal framework for SEPA also includes the following pieces of EU legislation: • EU Regulation (EC) 924/2009 on charges for cross-border payments in euro (OJ L 266 9.10.2009 p 11) (the Cross Border Payments Regulation or EU CBPR). The EU CBPR (which replaced Regulation (EC) 2560/2001, (OJ L 344 28.12.2001 p 13)) eliminated the differences in charges for cross-border and national payments in

This Brexit Securities Financing Transactions Regulation (EU) 2015/2365 (SFTR) quick guide details current UK legislation and retained EU legislation relating to the SFTR that are amended and/or revoked by the Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019, SI 2019/542 (the SFT Exit Regulations), and other regulations, at the end of the implementation period and UK divergence from the SFTR following the UK’s withdrawal from the EU, as well as corresponding changes to Financial Conduct Authority (FCA) regulatory rules and guidance. For an overview of Brexit-related Financial Services materials, see Practice Note: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime [Archived] and for further details on EU/UK SFTR divergence, see Practice Note: Quick Look Brexit Financial Services Legislation Status Guide—SFTR [Archived]. The below summary sets out arrangements in relation to onshoring EU rules for SFTs after the Brexit implementation period. Overview of onshored and preserved EU-derived law The SFT Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European Union (Withdrawal)

This quick guide details UK legislation and retained EU legislation that has been amended and/or revoked by the Securitisation (Amendment) (EU Exit) Regulations 2019, SI 2019/660 (Securitisation Exit Regulations) and other instruments at the end of the implementation period following the UK’s withdrawal from the EU. Amendments to the Securitisation Exit Regulations are made by the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, SI 2019/680, the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019, SI 2019/1390, the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations (No 2) 2019, SI 2019/1416, the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020, SI 2020/646 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 The Securitisation Exit Regulations were made on 25 March 2019. The statutory instrument (SI) was part of HM Treasury’s programme of SIs under the European

This Solvency II quick guide details current UK legislation and retained EU legislation in relation to prudential insurance requirements that is amended and/or revoked by the Solvency 2 and Insurance (Amendment, etc) (EU Exit) Regulations 2019, SI 2019/407 (as amended by the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 3) Regulations 2019, SI 2019/1390) (the Solvency 2 and Insurance Exit Regulations), the Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019, SI 2019/1233 (the Risk and Solvency 2 Exit Regulations), the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019, SI 2019/1361 (as amended by the Financial Services (Miscellaneous) (Amendment) (EU Exit) (No 3) Regulations 2019, SI 2019/1390) (the E-Commerce and Solvency 2 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 Prudential Regulation Authority (PRA) regulatory rules and guidance. Overview of onshored and preserved EU-derived law post-IP completion day The Solvency 2 and Insurance Exit Regulations, the Risk and Solvency 2 Exit Regulations

This Brexit Undertakings for Collective Investment in Transferable Securities 2009/65/EC (UCITS) quick guide details current UK legislation and retained EU legislation relating to UCITS (and depositaries, trustees, managers and operators of UK-authorised funds that are not UCITS) that are amended and/or revoked by the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 statutory instrument, SI 2019/325 (the UCITS 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 UCITS 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 UCITS managers, 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 UCITS Exit Regulations are part of HM Treasury’s programme of statutory instruments (SIs) under the European

This mortgage credit quick guide details current UK legislation and retained EU legislation in relation to the intermediation of mortgage credit that have been amended and/or revoked by the Mortgage Credit (Amendment) (EU Exit) Regulations 2019, SI 2019/656 (MC 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 MC Exit Regulations 2019 are part of HM Treasury’s programme of statutory instruments under the European Union (Withdrawal) Act 2018 (EU(W)A 2018) which were intended to deal with contingency preparations for a ‘no deal’ Brexit. The MC Exit Regulations 2019 form part of the process of domesticating EU law to ensure legal continuity from 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 Agreement) Act 2020 (EU(WA)A 2020), which made provision for the ratification and

BREXIT: Eleven pm (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 [Archived]. This regulated activities and financial promotions quick guide details current UK legislation and retained EU legislation in relation to the carrying on of regulated activities and the issuance or approval of financial promotions that were amended and/or revoked by the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, SI 2019/632 (FSMA 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

Corporate analysis: With the General Data Protection Regulation (GDPR) having been in force for over a year (since 25 May 2018), an ever-increasing number of developments are revealing how the GDPR is having a direct impact on M&A transactions. Most recently, the Information Commissioner’s Office (ICO) announced an intention to fine Marriot International Inc £99m for breaches of GDPR in relation to M&A activity. Dr Tobias Grau, partner and Lena Stoll, senior consultant, both in corporate M&A at CMS, discuss the ICO fine and the repercussions it is likely to have on the due diligence process.

Tax analysis: Anne Powell, knowledge counsel at Bryan Cave Leighton Paisner LLP (BCLP), considers the impact of Pillar Two on corporate share sales.