“Retained EU law” is a new category of law introduced in the U.K. by the European Union (Withdrawal) Act 2018 (the “Withdrawal Act”). Provisions of that Act converted the body of existing E.U. law, which was “operative” within the U.K. prior to the end of the Brexit Transition Period, into domestic law. The Withdrawal Act also gave powers to Ministers to make such amendments to retained law as are necessary to deal with any deficiencies arising from the UK’s withdrawal from the E.U. (this was referred to as the “onshoring” process).
The creation of this new category of law has raised a number of uncertainties. Market participants have remarked on the difficulties arising in relation to determining the exact and currently applicable provisions of English law, given the complexity of the overlaid onshoring statutory instruments. While retained EU law seems familiar, given the long adherence in the U.K. to equivalent E.U. legislation, the context in which it applies and the rules and principles governing its interpretation, application and interaction with other types of UK law will be new and untested.
The FMLC is delighted to announce a webinar to consider these topical questions and their impact on wholesale financial services.
A recording of the panellists’ prepared remarks is available to view for a limited period of time. The Q&A that followed was held under Chatham House rules and not recorded.
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