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Treasury lays Brexit FS SI before Parliament

Treasury has laid before Parliament the Financial Services (Miscellaneous)(Amendment)(EU Exit) Regulations 2019. The wide-ranging instrument amends several pieces of UK and retained EU law relating to financial services, to address Brexit-related consequences.

The instrument will address deficiencies in UK law that would not work after Brexit, revokes various laws that it would not be appropriate to keep and also makes amendments to several of the other Brexit-related SIs (which have already been laid in draft), to correct errors and ensure all measures are consistent.

The “sifting” date in Parliament ends on 27 February. Treasury notes that because of the timescales involved, it may be necessary to make some of the instruments that are subject to 21 days’ notice in Parliament on less notice, to ensure they are in place at the latest on the day before exit day.

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Emma Radmore