The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 amends the regime for the reorganisation and winding up of credit institutions and insurers in the event of a “no deal” Brexit. In this paper, the FMLC has highlighted legal uncertainties arising from the statutory instrument including those related to: (1) jurisdiction; (2) choice of law; (3) references to other legislation; and (4) ambiguities in the new savings provisions. The FMLC would encourage HM Treasury and HM Government to publish, wherever possible, guidance which might clarify these issues.
The FMLC Secretariat had sent an earlier version of these comments to HM Treasury while the statutory instrument was still in draft.
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