The European Union (Withdrawal) Act 2018 aims, inter alia, to incorporate into U.K. law all operative E.U. legislation and to give powers to Ministers to make such amendments to retained law as are necessary to deal with any deficiencies arising from withdrawal. HM Treasury published drafts of statutory instruments (“onshoring SIs”) which will “onshore” E.U. legislation related to the financial markets.
The FMLC reviewed some of the onshoring SIs. The FMLC understands that these onshoring SIs will be laid before Parliament with the intention of implementing a policy position arising from a “no deal” Brexit. The Committee does not comment on matters of policy or the form that future regulatory approaches, if any, should take and this report should not be understood to constitute comments thereon. Nevertheless, the Committee has drawn attention, in papers and letters, to some legal and operational uncertainties which will arise in a “no deal” context in which it is anticipated that the onshoring SIs will be implemented.
All of the FMLC’s publications on the onshoring SIs are available here. This page will be updated as new reports are published.