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.
In a meeting on 31 May 2018, the Committee resolved to meet on an ad hoc basis, in addition to its scheduled bimonthly meetings, should the volume of the draft statutory instruments and gravity of the legal complexities require the Committee’s full attention. The FMLC is committed to ensuring legal certainty for the financial markets through and after the Brexit process and is keen to hear from market participants or representatives of HM Government where its contributions might have most impact.