Coordinated Response to Brexit-related Secondary Legislation

The next stage of the Brexit process is anticipated to be the publication of [draft] statutory instruments by HM Government under the powers conferred to it by the European Union (Withdrawal) Bill (once enacted) to enable the proper functioning of E.U. laws which have been transposed into the U.K. statute book (including any corrections to laws that would otherwise no longer operate appropriately once the U.K. has left the E.U.) It has been announced that a significant volume of secondary legislation will be published by HM Treasury in relation to the financial services and, as the end of the Article 50 notice period rapidly approaches, the timeline for any comment or consultation on these drafts is likely to be compressed.

To facilitate a quick response to such secondary legislation, the Secretariat organised a meeting amongst leading organisations in the City to discuss a coordinated response. Present were representatives from the Brexit Law Committee, the legal wing of the IRSG, the CLLS Financial and Regulatory Law Committees and the Law Society.

It was agreed that reasonable efforts would be made toward coordination and that a second meeting to discuss a more detailed approach would be held in late July.  A note for record of the meeting is available here.