Coordinating Responses across the City to Brexit Statutory Instruments

HM Treasury has announced it will publish a significant volume of secondary legislation under the European Union (Withdrawal) Act 2018 in relation to the financial services. 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.

A second meeting was held in the beginning of August.  At this meeting, attendees agreed that a register should be circulated, tracking the publication of SIs, the organisation reviewing it and, where possible/non-confidential, the policy lead in HM Government.  Attendees also agreed that regular meetings might be helpful.

Notes for record of all such meetings are available below.