Under the European Union (Withdrawal) Act 2018—which aims, inter alia, to incorporate into U.K. law all applicable 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 has begun to publish drafts of statutory instruments which will “onshore” E.U. legislation related to the financial markets. This paper considers legal uncertainties arising from the changes proposed by the draft Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018.
The FMLC has highlighted complexities related to: (1) references to other legislation; (2) the new requirement to determine whether E.U. regulatory requirements have “equivalent effect”; (3) information and thresholds published in the E.U. after exit day; and (4) the new powers and functions given to the FCA.
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