Bank of England communications on approach to financial services legislation under EU (Withdrawal) Act

The Bank of England has published a package of documents covering various aspects of contingency measures required in the event of there being no applicable Brexit transition period agreed.

The publications include:

  • ‘Dear CEO’ letters from the PRA to all PRA authorised and regulated firms and incoming EEA firms, and from Bank of England to non-UK CCPs and CSDs, updating firms on the Bank and PRA’s approach to their preparations for EU withdrawal
  • a joint Bank and PRA consultation paper setting out the general approach to making changes to rules and Binding Technical Standards (BTS), and the expectations of firms in relation to EU Guidelines and Recommendations
  • consultation paper 26/18 setting out key changes to PRA rules and relevant BTS
  • a Financial Market Infrastructure (FMI) consultation paper setting out key changes to FMI rules and BTS
  • a resolution consultation paper setting out changes to BTS in relation to resolution.

The Bank has also updated information provided to firms on the Temporary Permissions Regime and related transitional processes.