Treasury announces more details on its approach to onshoring financial services legislation

On 22 November 2018, Treasury announced it was developing a draft SI for MAR.

It proposes that the SI will address:

• the scope of the regulation;
• transaction reporting;
• notification requirements;
• transfer of functions; and
• supervisory cooperation and information sharing

Treasury also published the Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019; a draft SI that amends EU law related to PRIIPs Regulation so that it continues to operate effectively once the UK leaves the EU.